![]() ![]() ![]() market," Chief Financial Officer John Wozniak said. That vehicle is a larger Class 4, or medium-duty, delivery van that will bring customers a $40,000 IRA subsidy, far above the $7,500 for smaller electric vans.Īrrival's new investors are "very excited about our U.S. With the $283 million it should receive from a merger with special-purpose acquisition company (SPAC) Kensington Capital Acquisition Corp V, announced in April, executives at Arrival said they will focus on just one U.S.-produced vehicle for now. Since it was founded in 2015, Arrival has developed vehicles for high-profile customers like United Parcel Service Inc and Uber Technologies Inc, but has burned through piles of cash without ever hitting mass production and is winding down its UK operations in favor of refocusing on the United States. Inflation Reduction Act and a second reverse merger will give it a fresh shot at survival. DETROIT/BICESTER, England (Reuters) - British electric van startup Arrival, which has hit many road bumps in its quest to become the next Tesla Inc, now hopes huge subsidies from the U.S. ![]()
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