UK electric van start-up Arrival will slash its headcount by more than 700 and the company warns it will run out of cash by the third quarter of 2023 without a fresh finance injection.
The job cuts will fall mainly in the UK, the company said, as it refocuses its energy on producing a larger 'XL' version of its van for the US market, where margins are higher and incentives are greater, the company said on its third quarter earnings call this week.
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