Electric vehicle company Arrival plans to restructure its business and refocus on the US market

CTOnews.com, October 22 (Xinhua)-- Electric car company Arrival said it will refocus resources on the US market while further advancing its technology, including core components, composite materials, mobile robots and software definition factories.

Arrival plans to raise funds to commercialize its vehicle projects in the United States and is exploring all the financial and strategic opportunities needed to produce vans at the company's miniature plant in Charlotte, North Carolina.

The company said it had about $330 million in cash at the end of the third quarter. CTOnews.com learned that it announced in August that it planned to deliver its first vehicles to UK customers this year with $513 million in cash and funding through its $300m At the Market (ATM) platform.

To expand the company's cash runway, Arrival plans to further resize its organization and cut back on cash-intensive activities, while continuing to advance its core technology. The results of these proposals are expected to have a considerable impact on the company's global workforce, mainly in the UK.