British electric van and bus maker Arrival said on Friday it had missed its third-quarter target to start van production because of supply chain problems, but was on target to meet its goals for the end of 2022. "The supply chain is broken and we're a new company," chief executive Denis Sverdlov told Reuters. Arrival and other commercial electric vehicle (EV) startups are burning through cash as they race to bring vans or trucks to market before the funds run out or customers choose to buy from legacy automakers instead.
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General Motors (NYSE: GM)-owned Cruise is launching its autonomous ride sharing service in Phoenix, Arizona and Austin, Texas by the end of 2023, tripling the number of cities where it will have commercial operations.