The UK based electric vehicle manufacturer Arrival is set to be listed on American stock exchange NASDAQ following the announcement for mass producing its first electric bus in coming year and its electric van in 2022.
London-based, Arrival will reportedly raise £498 million, taking the company’s net worth to over £4 billion. Sources close to the matter claim that fundraiser will take place through a merger with a blank cheque company CIIG Merger Corp., owned by Peter Cuneo, a former chief executive of Marvel Publishing Inc.
The listing announcement comes in conjunction with UK government declaration of banning sales of internal combustion engine cars after 2030 and hybrids after 2035. Industry experts claim that this offers as an excellent opportunity for EV manufacturers.
For those uninitiated, Arrival, which formerly ran secretly with cheaper and smaller ‘microfactories’ instead of production line model to produce electric vehicles using robots, now employs around 1300 people and has marked its presence in global automotive scenario.
If the reports are to be believed, Arrival’s electric van will be similarly priced as fossil fuel based vans, while it will be significantly cheaper than rival electric vans. Moreover, the company claims that their electric buses and vans will be tremendously cheaper as compared to diesel vehicles over the lifespan, benefitting the vehicle fleet managing companies.
Avinash Rugoobur, chief strategy officer of Arrival, was reportedly quoted stating that the company was on inflection point, and would soon be generating profits in next three years. The company will then start adding up to four microfactories per year, he further added.
The chief strategy officer also added that Arrival prospects to enter passenger vehicle spectrum, with emphasis on taxis, followed by consumer cars.
According to industry analysts, NASDAQ listing will enable Arrival to gain numerous retail as well as institutional investors.