|Bid||0.0000 x 3200|
|Ask||0.0000 x 2200|
|Day's Range||0.3000 - 0.3473|
|52 Week Range||0.2900 - 8.4800|
|Beta (5Y Monthly)||2.03|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The CEO of Arrival (NASDAQ: ARVL) is stepping down, part of a broader shakeup at the troubled electric vehicle (EV) manufacturer. Investors are hoping the reshuffling will have a positive impact, sending shares of Arrival up as much as 18% on Friday. Arrival came to market in March 2021 via a deal with a special purpose acquisition company (SPAC) with plans to develop battery-powered vans, buses, and cars.
(Bloomberg) -- Arrival SA, the electric van startup that recently warned it’s running out of cash, said its former billionaire founder will step down as chief executive officer.Most Read from BloombergBinance’s Zhao Flags Possible $1 Billion for Distressed AssetsMalaysia PM Anwar Plans Confidence Vote to Prove to Rival He Commands a MajorityElizabeth Holmes Judge Proposes Texas Prison, Family VisitsChina Covid Cases Jump to Record High, Topping Shanghai OutbreakDenis Sverdlov will swap positions
Shares of Luxembourg-based electric vehicle maker Arrival (NASDAQ: ARVL) plunged more than 35% today as of noon ET, following its third-quarter earnings release this morning. The electric vehicle maker is coming on hard times, as funding has dried up in this market environment, while the company still needs more cash to fund the initial production ramp. In response, Arrival is now cutting certain products and focusing on its highest-profit opportunities in order to extend its runway before running out of cash; however, even that new strategy comes with trade-offs, including delaying revenue into 2024.