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Arrival lists shares on Nasdaq; attains USD13 billion valuation [free access]

March 26, 2021

UK-based Arrival, the electric vehicle (EV) manufacturing startup, has listed its Ordinary Shares and Warrants on the Nasdaq Global Select Market (Nasdaq) at USD22 per share, valuing it at approximately USD13 billion. The company plans to use the USD660 million (in gross proceeds) for the delivery of its electric vehicles (EVs) and to expand its global network of Microfactories. Arrival has already announced its first three Microfactory locations in Bicester (UK), Rock Hill in South Carolina, and Charlotte in North Carolina (US).

 

Arrival’s Van is expected to commence on-road public trials with customers in summer 2021, and it is expected to start trials of First Bus in the fourth quarter of 2021. Production of the Arrival Bus is expected to commence in the fourth quarter of 2021 and that of the Arrival Van is scheduled to begin in the second half of 2022. United Parcel Service (UPS) has committed to purchase up to 10,000 electric vehicles (EVs) from Arrival. The contract also includes an option for an order of up to an additional 10,000 vehicles.

 

The public company will be led by an experienced and diverse leadership team from across multiple regions, including board directors with backgrounds at Marvel, Hyundai Motor Company, Hearst, Lyft, and Netflix.