The company wants to cut costs by one-third and focus on electric van production to start generating revenue. With the same goal of saving money, Arrival announced in July that it would cut 30 percent of its staff.
Arrival was founded by Denis Sverdlov, the former head of mobile operator Yota and former deputy minister of communications of Russia. His fortune after Arrival went public in March 2021 reached $10.6 billion, according to Forbes. But since then, Arrival stock has fallen more than 90 percent, and Sverdlov's fortune was down to $643 million by July 21.
