EV startup Arrival looks to sell off assets, intellectual property of UK division

Core Insights - Arrival's UK division is entering administration, indicating a significant financial crisis for the company [1] - The company is attempting to sell its UK assets and intellectual property to repay lenders [1] - Arrival's stock was recently delisted from Nasdaq, and the company previously secured a $300 million lifeline to stabilize operations [1] - The company's valuation has plummeted from over $13 billion to approximately $9 million [2] Company Developments - Arrival's initial vision involved creating electric commercial vans and buses in compact "microfactories" located in urban areas, which has not materialized [2] - The company has faced continuous financial losses and has diversified into various projects, including an electric bus and a vehicle for Uber, without success [2] - Arrival has undergone multiple executive changes and restructurings, resulting in layoffs during each phase [2] Market Strategy - In 2022, Arrival shifted its focus from the UK to the US market as part of a restructuring effort to conserve capital [3] - Despite this pivot, the company has failed to produce and deliver any commercial vehicles [3]