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Latest SPAC News: Arrival may reduce up to 30% of its workforce in restructuring
British EV firm Arrival may cut up to 30% of workforce in restructuring
British electric vehicle company Arrival SA said on Tuesday it planned to reorganise its business, which could result in up to 30% reduction in its workforce.
Arrival said the move will enable it to start production of its Arrival Van in the third quarter as planned, sending its shares up 3.4% to $1.51 in extended trading.
Arrival is one of the many EV startups that went public in the last two years through reverse mergers with SPACs. Its strategy was building electric delivery vans and buses using smaller, less costly factories.READ