Arrival Hammered After Lowering ’22 Forecasts

Shares of electric vehicle maker Arrival lost more than a quarter of their value Nov. 9 – wiping out about $3 billion in market value – after the company’s executives withdrew their long-term forecasts and markedly lowered their outlook for 2022 sales. Founder and CEO Denis Sverdlov and his team have backed away for now from their plans for a fourth microfactory in 2022 to make their buses, vans and cars and are investing more in their operations, including by bringing in house logistics work and assembling more battery modules. As a result, they are delaying production plans for their large van to 2023 from next year. (The schedules for buses and regular vans haven’t changed from the second and third quarters of 2022, respectively.)