Electrical-vehicle startup Arrival SA stated on Tuesday it doesn’t presently have money readily available to fund operations for the upcoming yr, and there are materials uncertainties in regards to the firm being a going concern.
The British firm had stated final month it could restructure to concentrate on the U.S. market, looking for to capitalize on the Inflation Discount Act incentives and a bigger addressable market amid efforts to chop prices.
Arrival on Tuesday reported money and money equivalents of about $330 million as of Sept. 30, and stated it expects money readily available to fund the enterprise into the third quarter of subsequent yr. Its internet loss widened to $310.3 million within the third quarter from a lack of $30.6 million a yr earlier. The corporate additionally stated it was exploring all funding and strategic alternatives to acquire mandatory funding.
Associated video: