UK electric vehicle start-up Arrival is putting its bus and car projects on hold as it seeks to slash costs by a third and focus on production of its debut van to generate revenues, just over a year after it went public on Wall Street.
The London-based company is delaying trials of its bus and pausing development work on its car project, according to three people familiar with the matter.
Arrival is one of more than a dozen new entrants to the motor industry to list by merging with a special purpose acquisition company within the past two years. But almost all of the new businesses have struggled while initiating vehicle manufacturing, forcing them to cut production targets.
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