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EV startup Arrival doesn’t have enough cash to survive next year

Electric vehicle startup Arrival SA on Tuesday said it does not currently have the cash to fund next year’s operations and that there are significant uncertainties about whether the company will be a constant concern.

Last month, the British company said it would restructure to focus on the US market, seeking to take advantage of Inflation Reduction Act incentives and a larger market that can settle amid efforts to cut prices. Cut the cost.

Arrived on Tuesday, reported cash and cash equivalents of about $330 million on September 30, and said it expected to have cash to fund its business by the third quarter. next year. Its net loss rose to $310.3 million in the third quarter from a loss of $30.6 million a year earlier. The company also said it is exploring all funding sources and strategic opportunities to obtain the necessary funding.

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