Arrival Announces Significant Savings Initiatives to Reduce Spend by 50%
Arrival announced the appointment of Igor Torgov, former Arrival EVP of Digital, as CEO. The Board has unanimously voted in Igor to effect the planned restructuring of its business and to support Arrival’s mission to master a radically more efficient New Method to design and produce electric vehicles.
Igor Torgov’s appointment will take effect from January 30, 2023. Igor joined Arrival in February 2020 and has led the development of multiple divisions at Arrival including Fintech, Commercialization, Business Systems, IT and Digital products over the last nearly three years. Prior to Arrival, Igor held numerous COO, CEO, and leadership positions at Atol, Bitfury, Yota, Columbus IT and Microsoft.
Igor holds his MBA in Strategic Management from California State University in Hayward, California.
Arrival has previously announced its plan to refocus its resources on the development of its US Van product, which the company currently expects to start production in Charlotte in 2024, subject to raising additional capital.
Following a detailed review of its operations and its markets, Arrival is now announcing immediate actions to further reduce its operating costs and to optimize the deployment of its current cash resources. This includes the difficult decision to reduce its global workforce by approximately 50% to 800 employees. When combined with other cost reductions in real estate and third-party spending, the company expects to halve the ongoing cash cost of operating the business to approximately $30 million per quarter.
Public road trials in the UK of the first certified and registered vans are ongoing.
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