Arrival SA

Arrival was founded in 2015 by Denis Sverdlov, a former Russian telecom executive, with a radical vision: build electric vehicles in small, distributed "microfactories" rather than traditional massive assembly plants. The company merged with CIIG Merger Corp in March 2021, achieving a peak valuation of $13 billion.

The backing was impressive. Hyundai and Kia invested $110 million. UPS placed an order for 10,000 electric delivery vans — a marquee customer that validated the concept. BlackRock was among institutional investors. The microfactory approach promised lower capital costs and the ability to produce vehicles closer to customers.

But the microfactory concept proved far harder to execute than pitched. Arrival's first factory in Bicester, UK struggled to produce vehicles at any meaningful rate. The company's custom-designed composite body panels and proprietary components created manufacturing complexity rather than simplifying it.

Arrival pivoted repeatedly — from vans to buses, from the UK to the US — burning cash with each strategy change. The UPS order was never fulfilled. Headcount was slashed from 2,800 to under 800. A 1-for-50 reverse stock split in 2023 bought time but not salvation. By January 2024, Arrival filed for bankruptcy in the UK, with its assets eventually liquidated. The $13 billion valuation evaporated entirely — one of the largest destructions of SPAC-era value.