Oxford-based electric vehicle (EV) start-up Arrival SA (NASDAQ:ARVL) is set to lay off over half of its workforce as it seeks to cut operating costs.
Headcount will drop to 800 workers, having already axed another 800 staff last year, as it aims to cut operating costs to around US$30mln per quarter.
The company, which has a facility in Banbury, Oxfordshire, also announced it was appointing Igor Torgov as chief executive, following his leadership of several of the company’s departments since he joined in February 2020 - after former Marvel Entertainment boss Peter Cuneo was handed the reins in November.
Arrival has also been pinched by supply-line difficulties and rising operating costs, including for raw materials, stemming from lockdowns due to Covid-19 and rising fuel prices after Russia attacked Ukraine.
Last year it stated that its focus will shift across the Atlantic to the US, where the Inflation Reduction Act offers tax incentives to domestic producers, and in order to preserve cash, as it does not expect to generate revenue until 2024.
Arrival’s cutting of jobs marks another hit for the UK’s EV industry, with battery start-up Britishvolt most recently falling into administration.