UK electric vehicle company Arrival plans to reorganize its business, which could result in up to 30 percent reduction in its workforce, the startup said.
Arrival said the move will enable it to start production of its Arrival Van in the third quarter as planned.
The restructuring, which the company said is in response to a challenging economic environment, aims at a 30 percent cut in spending to help meet its business targets until late 2023 using $500 million in cash reserves.