Arrival Growing Electrical Automobiles With out Meeting Line

“This is about finding the best and optimal delivery vehicle for us,” said Wake.

UPS operates a fleet of around 120,000 vehicles worldwide, of which around 13,000 use alternatives to diesel engines such as batteries.

In addition to UPS, BlackRock and the South Korean automakers Hyundai and Kia have invested in Arrival.

Electric vehicle manufacturers have drawn a lot of interest from investors hoping to find the next Tesla valued at more than $ 650 billion, more than GM, Ford Motor, Toyota Motor and Volkswagen combined. Wall Street interest has led a parade of young companies – some, including Arrival, that aren’t yet selling vehicles, let alone making profits – to list their stocks on the stock market.

Some have already disappointed investors. Nikola’s inventory, which is trying to develop heavy trucks with batteries and hydrogen fuel cells, crashed after a small investment firm, Hindenburg Research, said the company had exaggerated its technological capabilities. Nikola denied wrongdoing but admitted in a February securities filing that some of the information previously provided about its vehicles and technology was inaccurate.

The Securities and Exchange Commission is investigating Nikola and another company, Lordstown Motors, that wants to make electric pickups. Hindenburg also published a report on Lordstown, accusing him of exaggerating interest in his trucks and manufacturing capabilities. Lordstown denies Hindenburg’s claims.

Many EV startups have acquired stock listings through mergers with special purpose vehicles, or SPACs – companies started with a pot of cash and a stock listing. Such mergers allow startups to join the stock market without considering an IPO of stocks.

Arrival completed the merger with a SPAC in March. However, it is still a long way from turning its vision into a viable company. It has assembled some prototype vans but has not yet started testing them on public roads. The company’s shares were trading at $ 22.40 on March 25, but have fallen to around $ 14 since then.

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