Arrival or departure? The rise and fall of Britain’s EV unicorn

Special report: How Arrival went from a £9.5bn valuation to the cusp of insolvency

I received an email in April last year with the subject line “UK EV maker Arrival - building a resilient model”. It was from a PR agent representing the new electric vehicle maker which had surged to unicorn status in the 18 months prior.

The agent explained how Arrival had a “unique manufacturing model” that was responding to the changing landscape brought about by the EV transition. They added that Arrival “make everything in-house” from the software to the materials to build them, uses a modular construction method, and that all their vehicles will come from “microfactories” – which are quicker to build and cheaper than traditional car plants, plus can be located close to areas of demand.

Like many, I was already familiar with Arrival and the innovative approach they were taking, especially after their listing on the US Nasdaq in 2021, which was the UK’s biggest stock debut in history, receiving a valuation of £9.5 billion - solidifying Arrival as a pioneer in the EV transition.

Alas,…