With the market for electric vehicles constantly expanding, London-based EV start-up Arrival Ltd has decided to enter the public market, announcing a reverse merger with special purpose acquisition company, CIIG Merger Corp, in a deal worth $5.4 billion.
Established just five years ago, Arrival Ltd has differentiated itself from competing EV manufacturers by focusing on the electric vans and busses segments. Following the confirmation of the merger, founder and CEO Denis Sverdlov explained that in addition to unique products, Arrival Ltd also uses its own unique set of assembly processes and production materials.
Through its decentralized production infrastructure, Arrival Ltd is able to establish micro-factories in any area, ensuring that they are situated conveniently close to areas of high demand.
The company is aiming to release four new EVs by 2023, with the first being an electric bus which is expected to hit the market by Q4 of 2021. The British start-up has also revealed that it has confirmed the order of a combined value of $1.2 billion, which includes producing 10,000 vans for UPS.
