EV start-up Arrival has been granted a $300 million (£246.8m) financing line by New York-based bank Westwood Capital.
Combined with swingeing cuts aimed at reducing Arrival’s quarterly cash spend to $35m (£28.8m) and excluding investments in XL van production, this gives the start-up sufficient capital to stay afloat until late 2023.
Those cuts include slashing its headcount by half, with most of these 800 redundancies concentrated on the UK and the US (Georgia), according to a January report from the Financial Times.
