ARRIVAL GROUP
ARVL NASDAQ

ARVL
ARRIVAL GROUP NASDAQ
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History of ARVL

Important events

Mar 252021

Arrival arrives

Electric vehicle start-up, Arrival, becomes the largest ever IPO by a UK company after merging with special purpose acquisition vehicle CIIG Merger Corp to list on the Nasdaq. Arrival's stock was listed at $22 per share, valuing it at roughly $13 billion when the deal closed - even bigger than the highly anticipated Deliveroo IPO. CIIG Merger Corp announced the reverse merger with Arrival on November 18 and was met with bullish sentiment, tripling the value of the stock in just six days. Russian government official, Denis Sverdlov, founded Arrival in 2014 as just one of many EV start-ups trying to make it it in the $$$-making commercial vehicle space. It might be one of a crowd, but it’s the only one claiming to be “the son of Tesla”, according to legendary CNBC pundit Jim Cramer, who’s pretty keen on the company. Arrival is the latest in a string of companies to take advantage of blank-cheque ‘SPACs’ as a way of going public. A funding round in 2020 led by Hyundai-Kia valued the company at €3 billion, and unlike a lot of its competitors, Arrival already has orders piling up. The start-up received an order of 10,000 vans from UPS (with an option to reorder the same again in 2024), and already has a further 6,000 backlogged orders. Arrival raised around $660 million through its public offering, and will use the funds to ramp up delivery of its EV’s and build more of its “'rapidly scalable” microfactories that “enable decentralized production'. These microfactories mean it can open manufacturing plants in six months as opposed to the usual 2-3 years and move production to where there is customer demand, making it “possible to build highly desirable yet affordable electric vehicles - designed for your city and made in your city”, according to Sverdlov. Arrival says it’s aiming to make $1 billion in 2022 and a whopping $24 billion in 2024. Quite ambitious for a company that hasn’t even started production yet, but who knows?
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