Arrival, the British electric vehicle maker that established its North American headquarters in South End, has secured emergency cash in the form of a $50 million bridge loan, TechCrunch reported.
- The funds aim to keep the company going long enough to potentially sell itself.
- “It’s the equivalent of lending someone $5 to buy enough gas to drive the car down to the dealer and sell it,” per the tech publication.
- Without pursuing any financial incentives, Arrival said it would hire dozens of corporate positions in South End.
- The company had plans to manufacture electric buses and electric vans at new, high-tech “microfactories” in Rock Hill and Charlotte.
Yes, but: Over the years, Arrival has laid off workers amid company-wide cost-saving restructuring.
- The company delayed production at its Charlotte microfactory until 2023, but hasn’t given an updated timeline.
- Arrival also indefinitely postponed plans for its Rock Hill production.
- The company recently took down the signage at its Tremont Avenue corporate offices, where it also ended the lease on part of its space.
What’s next: An Arrival spokesperson told Axios in August that the company “is committed to maintaining our North American headquarters in Charlotte.”
- As of Nov. 17, the same spokesperson is no longer with the company. A representative did not respond to additional requests for comment.
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