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Arrival expects annual losses as high as £840m

Arrival 2022 results
Image credit: Arrival

Struggling EV vehicle startup Arrival is predicting losses as high as $1.01bn (£840.7m) in its 2022 full-year results.

The unaudited accounts showed losses for the final quarter of 2022 are expected to fall between $588m and $597m.

Arrival, which was founded in Britain but listed on the US Nadaq exchange in 2021 through a merger with a special purpose acquisition company, is yet to report any revenue.

The startup is developing an electric van and bus, with further plans to build a car using cell-based robotic assembly in its micro-factories.

Arrival said Q4 losses are a result of “non-cash impairment charges” and around $406m in write-offs.

The firm has pushed back its annual business update to 13 March due to an inbound transaction that could provide the company with more liquidity and extend its runway. The company did not provide further details....