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Bankrupt EV startup Arrival sold its assets to Canoo
Bankrupt commercial EV startup Arrival has sold some of its assets, including advanced manufacturing equipment to Canoo, another struggling startup trying
The acquisition, which was touted as a cost-saving measure that will reduce capital expenditures by 20%, comes as Canoo struggles to move beyond prototypes towards commercial production. Those plans, which included an electric bus, vans and even a purpose-built car for Uber, fell apart as it burned through cash and a number of executives. Arrival restructured at least three times — in each instance, laying off workers — and shifted its focus to the United States and away from the U.K. market to preserve capital.
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