Arrival will be entering the Nasdaq stock exchange market in New York. This move will ensure that the company enjoys over £4 billion of its initial potential. The company is preparing to bring in $660 million for the quantitative manufacturing of electric buses, which will precede electric vans’ development in the next two years.
The cash to finance this project will be flowing in from the amalgamation of the company with CIIG Merger Corp, headed by the former CEO of Marvel comics Company, Peter Cuneo. The company in question is a special acquisition company (SPAC) whose purpose is to locate and purchase other companies in which they see the potential. Arrival has been performing excellently behind closed doors. The company was operating as a mini manufacturer of electric vehicles using robots despite Henry Ford offering a leeway for quantitative production.
Arrival announced that it has approximately 1300 employees and will be deploying its electric vans in the transportation industry at the same price as the existing ICE vans. This move will make the electric vans more affordable than ICE cars, which require maintenance and fuel to run efficiently.
The concept of Arrival bring enlisted on the Nasdaq stock exchange comes at the same time when the UK has reiterated its plan to scrap the fossil fuel cars off the roads by the end of this decade. This move by the UK pioneers the investment into electric vehicle production due to its profitable future.
Arrival’s chief of strategy, Avinash Rugoobur, stated that they opted for a merger after discovering that the switch to electric vehicles is inevitable in the coming years. Rugoobur added that the company would make profits in three years to facilitate its expansion and technological advancement. Rugoobur explained that the company would remain a British entity despite its enlisting in the US. The headquarters and the R&D departments of the company will be based in the UK to demonstrate that it is a British entity. Nevertheless, the branches and production units will spur worldwide to make the company an international organization.
Rugoobur emphasized that they would venture into any market provided they can make profits and expand their business. Furthermore, the listing of Arrival will create opportunities for it to acquire more capital and expand its production lines. The company aspires to reach the level of market control that Tesla commands in the industry to outline the prices for its products and why they value it as it is. Finally, Hyundai, Kia, and BlackRock have dropped in their proposals to partner with Arrival and enjoy economies of scale that come with mass production. The projects of the company will minimize carbon emissions by an enormous percentage.