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:

  1. 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
  2. Announced landmark bus order for 5 buses from Anaheim, California, USA utilising a $2 million federal grant
  3. Strong demand in multiple regions as evidenced by continued increase in LOIs for both bus and van since Q1 2021
  4. UPS trials ongoing with positive feedback received from proving ground trials and depot driver evaluations
  5. Public road trials to commence in Q1 2022 for both the van and bus with UPS and First Bus, respectively
  6. Partnership with Uber progressing well with several other ride hailing companies expressing an interest in partnering with Arrival on this initiative
  7. Bicester microfactory progressing ahead of plan with composite production lines installed; Microfactory capex forecasts continue to be on track as per original targets
  8. 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
  9. Announced new Indian R&D engineering centre as first foray into Indian market on back of government interest and customer demand resulting in LOIs
  10. 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
  11. Arrival’s Automated Driving System completed a live demonstration at a parcel depot without a human driver inside the Arrival Van
  12. 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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