Some of Arrival’s assets, such as advanced production equipment, have been sold to Canoo, another struggling startup that is also trying to make and sell electric cars. Arrival is now bankrupt.
The purchase was advertised as a way to save money as it will cut capital costs by 20%. However, Canoo is still having trouble moving from trials to mass production. Canoo said that the bought goods, which will be sent to the company’s plant in Oklahoma in more than 20 container ships, will be used. The business held all of Arrival’s “like-new” and brand-new assets in the United States before buying them. It’s not clear if Canoo also bought any of Arrival’s patented ideas.
Canoo Did Not Answer When Asked For A Statement
Arrival told people in January that it was going to sell off assets and intellectual property from its U.K. business after it filed for bankruptcy in that country. Arrival was once worth more than $13 billion and had backing from Hyundai and UPS. It said it would change the way electric cars are made by allowing them to be built in small “microfactories” that could be put in the middle of cities.
Uber ran out of money and leaders, so its plans to build an electric bus, vans, and even a car just for the company fell through. Arrival reorganised at least three times, letting go of employees each time, and turned its attention to the U.S. market instead of the U.K. market to save money. Arrival never made many commercial cars, and the company is now worth about $7.7 million on the market. The stock price had been going up and down for years and had lost almost all of its value. The company then filed for bankruptcy.
Canoe, on the other hand, has had its own problems. The company had a hard time making its EV after going public through a merger with a special purpose acquisition company. The EV has an interesting design based on a “skateboard” layout that puts the batteries and electric drivetrain in a chassis under the cabin of the vehicle.
Canoo had said before that it has more than $1 billion in sales coming in. This is mostly because of a deal with Walmart to buy 4,500 units, with an opportunity to buy up to 10,000 units. The company has had trouble turning those payments into deliveries, though.
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Canoo is basically a company that hasn’t made any money yet, so it has had to split its shares and give out more to stay alive. The company changed to a different level in the Nasdaq Exchange last year after its stock price dropped below $1 and led to a notice of delisting.
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