Two UK divisions of struggling electric van group Arrival have gone into administration, putting more than 170 jobs at risk and spelling the end of the road for the start-up.
Arrival, which was backed by Hyundai and valued at $15bn when it listed in 2021, has shed most of its workforce in the past two years to save costs, and switched its primary focus to a US vehicle, after ditching plans for a bus, car and European van.
The company, which has no revenues, warned more than a year ago it risked running out of cash.
Administrators at EY said they are “exploring options for the sale of the business and assets”, which include electric vehicle platforms and intellectual property.
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