The UK-based EV startup Arrival today became a publicly listed company trading on the Nasdaq Global Select Market with its Ordinary Shares and Warrants listed under the new ticker symbols “ARVL” and “ARVLW”, respectively.
Arrival completed the previously announced business combination with CIIG Merger Corp. on March 24, 2021.
The company will be ringing the Nasdaq’s opening bell on Monday 29th March to celebrate its new public company status.
Arrival’s unique approach to designing and manufacturing zero-emission vehicles is made possible by in-house designed hardware, software, and robotics. Arrival will sell its vehicles competitively with fossil fuel counterparts thanks to this vertically integrated strategy, which helps Arrival to use low CapEx Microfactories and provide consumers with a significantly lower Total Cost of Ownership (TCO).
Arrival hopes that by developing the right technologies and eliminating the existing price premiums for electric cars, it can help to speed up the transition to clean-air passenger vehicles around the world, improving air quality for millions of people.
Denis Sverdlov, Founder and CEO of Arrival said, “We believe that all vehicles will soon be electric, because it is better for people, the planet and business. Arrival’s invention of a unique new method to design and produce vehicles using local Microfactories makes it possible to build highly desirable yet affordable electric vehicles – designed for your city and made in your city. Going public is an opportunity that will allow us to continue to scale globally, bringing these products to more and more cities and people. We also understand that this comes with responsibility. Arrival has a remarkable company culture, which attracts great talent and enables us to be truly creative. The hard work of more than 1800 people over the past six years has made today’s milestone possible, and I would like to personally thank each and every one of the team.”
Peter Cuneo, Non-Executive Chairman of Arrival said, “As Chairman of the Board, I am personally excited to support Arrival’s next phase of growth as its vehicles hit the roads and its Microfactories begin to service local communities. I congratulate them on this landmark moment and am looking forward to working with their talented team to deliver Arrival’s pioneering products and to grow the brand globally.”
Arrival’s 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 the local region’s mobility requirements. Arrival has already announced its first three Microfactory locations in Bicester, UK, Rock Hill, South Carolina, and Charlotte, North Carolina, U.S.A.
There has already been strong interest in Arrival’s vehicles, with a commitment to purchase up to 10,000 electric vehicles from United Parcel Service (UPS), plus an option to order up to an additional 10,000.
Arrival’s Van is expected to begin public road trials with customers this upcoming summer, and the Bus is expected to start trials in Q4 2021 with First Bus, one of the UK’s largest transport operators and leaders in sustainable mobility. Production for the Arrival Bus is expected to begin in Q4 2021 and the Arrival Van in the second half of 2022.
There is an enormous market opportunity for commercial electric vehicles – a sector that has been traditionally underserved. There is rising demand from cities, fleet operators and national governments to decarbonize operations in line with global public policy, but they have lacked the choice and cost efficiency to make the transition. In the U.S., more than a dozen states, districts and territories, and over 200 cities and counties now have committed to or already achieved 100% clean electricity. Globally, energy experts predict that the commercial EV market will mushroom from a low base today to sales of three million units by 2025 and nine million by 2030, led by buses and light trucks. Arrival’s public offering enables the company to accelerate the transition to electric vehicles with its best-in-class products and flexible Microfactories, providing cities with an integrated transportation ecosystem to help them meet their sustainability goals.
Arrival has grown to over 1800 employees located across the world including offices and engineering facilities in the U.S.A., U.K. and Germany. The company will also open its North American HQ later this year in Charlotte, North Carolina, further expanding its US presence.