Arrival explores strategic alternatives, reduces workforce by half

Chicago, Jan. 30 – Arrival SA announced the planned restructuring of its business, including the appointment of new chief executive officer Igor Torgov, according to a press release.

The company is immediately moving to reduce operating costs and optimize the deployment of its current cash resources.

Arrival is reducing its workforce by half, to 800 employees.

With other cost reductions, the company expects to halve its ongoing cash cost of operating the business to approximately $30 million per quarter.

Arrival is also announcing the appointment of Teneo, a financial adviser, to assist the company in evaluating strategic alternatives, including opportunities to raise additional capital, optimize its balance sheet, and improve liquidity to support the execution of its business strategy.

Arrival is a Luxembourg-based electric vehicle manufacturer. The company issued $320 million of 3.5% five-year green convertible notes in November 2021.

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