EV Provider Arrival Goes Public
[Stay on top of transportation news: Get TTNews in your inbox.]
Electric vehicle provider Arrival announced it became a publicly traded company on the Nasdaq Global Select Market.
Its ordinary shares are listed under the ticker symbol ARVL.
London-based Arrival completed the previously announced business combination with CIIG Merger Corp. on March 24.
The company noted its microfactories are rapidly scalable and enable decentralized production that can be deployed in local communities, hiring local talent, paying local taxes and using the local supply chain. This hyperlocal strategy also allows the production of vehicles designed for a region’s mobility requirements.
Arrival has already announced its first three microfactory locations in Bicester, United Kingdom, Rock Hill, S.C., and Charlotte, N.C.
Early adopters of its vans include UPS, which has committed to purchase up to 10,000 electric vehicles, plus an option to order up to an additional 10,000, according to Arrival.
Arrival’s van is expected to begin public road trials with customers this summer. — Transport Topics
Want more news? Listen to today's daily briefing below or go here for more info: