Electric buses to be built at a new factory in Oxfordshire have been delayed by at least 18 months because their maker cannot raise more capital.
Arrival, a trailblazer of Britain’s transition to zero-emission automotive manufacturing, was founded by Denis Sverdlov, 44, a Russian tycoon. It reversed on to the US stock market via a so-called blank-cheque company and its valuation soared to $19 billion at one stage. However, doubts about Arrival’s ability to deliver have knocked that value down by more than 95 per cent.
That, in turn, has stalled its ability to raise more capital and Arrival has now halted plans to go into production of its single-deckers, which can carry 35 standing passengers and 35 seated. It will concentrate on assembling vans
