Electric van maker Arrival misses quarterly production target

Electric van and bus maker Arrival has missed its third-quarter target to start van production because of supply chain problems.

The British company is still on target to meet its goals for the end of 2022 though.

In July, Arrival said it would reorganise its business, possibly resulting in up to a 30% reduction in its workforce.

Arrival said it had managed to build a “production verification vehicle” at its British “microfactory” in Bicester by the end of the third quarter.

The company still maintained it outlook of delivering 20 vans to customers by the end of 2022 as previously announced and does not expect to book any revenue in 2022.

Arrival is expected to generate revenue in 2023 and would need to raise capital for its second van microfactory in Charlotte, North Carolina.

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