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Layoffs Continue: Electric Car Giant Arrival to Fire Half of Its Employees

Ren Garcia by Ren Garcia
January 31, 2023
in Crypto, Finance
Reading Time: 2 mins read
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Layoffs Continue: Electric Car Giant Arrival to Fire Half of Its Employees
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Recently, many technology giants have been forced to terminate thousands of layoffs as part of cost-reduction plans. Now London-based electric car manufacturer Arrival has made a similar decision by announcing their restructuring process and the appointment of a new CEO. Unfortunately, this means that half of Arrival’s global workforce will be laid off to achieve long-term economic sustainability for the company.

800 People Will Be Layoffs To Cut Costs

After only three months at the helm of Arrival, former Marvel Entertainment chief Peter Cuneo has stepped back from daily operations and appointed Igor Torgov–formerly executive vice president of Digital for the company–as his successor. Torgov was previously in leadership roles with Atol, Bitfury, Yota Columbus IT, and Microsoft. Concurrently with this announcement came news that Arrival would reduce its workforce by 50%, resulting in layoffs that affected 800 employees.

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800 People Will Be Layoffs To Cut Costs

In an effort to lower costs, Arrival–renowned for its electric cars and plans to launch its own electric buses in the second half of 2021–has announced job cuts. This decision is anticipated to result in cost savings of $30 million this quarter due both to third-party reductions and decreases in real estate expenses.

Arrival Has Been Turbulent Since 2021

Since July, Arrival has taken three drastic steps to remain afloat. Despite going public earlier this year, the company revealed in July 2022 that it would slash its spending by 30%. This meant layoffs for many employees and a severe drop in cash from its December 2020 high of $500 million down to only $205 million last month. In short, Arrival is desperately seeking ways to conserve funds and endure long into the future.

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Tags: arrivalelectric caremployeeslayoffs
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Ren Garcia

Ren Garcia

I am a personal finance reporter and markets reporter at Los Angeles/USA today. I graduated from San Jose State University, where I double majored in Business Administration and International Business.My passion is to create personal finance content that's empathetic and speaks my reader's language.Currently, I’am an author in different news channels as a financial journalist, simultaneously I am trying to gain new competencies in the subjects that I am interested in such as Venture Capital, Startups, FinTech, Payment methods and International banking.

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