Arrival Reports Second Quarter 2021 Financial Results
U.K.-based company, Arrival (NASDAQ: ARVL), pioneer of a unique new method of design and production of affordable electric vehicles (EVs) by local Microfactories reports a significant increase in non-binding Orders and LOIs to 59k¹ vehicles
Business Highlights:
- Announced initial order¹ of 3,000 vans from Leaseplan with the company selected as the preferred operational leasing partner for Arrival electric vans in Europe. Leaseplan has a global fleet of 1.9 million vehicles and is one of the world’s leading providers of delivery vans-as-a-service
- Announced landmark bus order for 5 buses from Anaheim, California, USA utilising a $2 million federal grant
- Strong demand in multiple regions as evidenced by continued increase in LOIs for both bus and van since Q1 2021
- UPS trials ongoing with positive feedback received from proving ground trials and depot driver evaluations
- Public road trials to commence in Q1 2022 for both the van and bus with UPS and First Bus, respectively
- Partnership with Uber progressing well with several other ride hailing companies expressing an interest in partnering with Arrival on this initiative
- Bicester microfactory progressing ahead of plan with composite production lines installed; Microfactory capex forecasts continue to be on track as per original targets
- Charlotte, North Carolina van microfactory site identified and the leased building is due to complete construction in October of this year with equipment to be ordered in 2022
- Announced new Indian R&D engineering centre as first foray into Indian market on back of government interest and customer demand resulting in LOIs
- Over 500 composite panels already manufactured using production equipment in Bicester and completed manufacture of more than 1,400 high voltage battery modules to date
- Arrival’s Automated Driving System completed a live demonstration at a parcel depot without a human driver inside the Arrival Van
- Announced the hire of John Wozniak as CFO who takes over from interim CFO Tim Holbrow. Tim has been an invaluable leader in Arrival’s team and will continue in a senior leadership role as SVP Strategic Finance
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