Bankrupt EV startup Arrival sold its assets to Canoo

Posted under: Smart Technologies
Date: 2024-03-26
Bankrupt EV startup Arrival sold its assets to Canoo

Bankrupt commercial EV startup Arrival has sold some of its assets, including advanced manufacturing equipment, to Canoo, another struggling startup trying to build and sell electric vehicles. The acquisition, which was touted as a cost-saving measure that would reduce capital expenditures by 20%, comes as Canoo struggles to move beyond prototypes toward commercial production. Canoo said the purchased assets, packed into more than 20 container ships, will be sent to the company’s facility in Oklahoma. The company previously acquired all of the new, and “like-new” assets owned by Arrival’s business unit in the United States. Arrival restructured at least three times — in each instance, laying off workers — and shifted its focus to the United States and away from the U.K. market to preserve capital. Canoo, meanwhile, has had its struggles. After going public via a merger with a special purpose acquisition company, the company struggled to produce its EV.

Read more at: techcrunch.com