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Arrival Promotes Igor Torgov to Chief Executive, to Cut Global Staff by About 50%

MT Newswires ·  01/30 22:21

09:19 AM EST, 01/30/2023 (MT Newswires) -- Arrival (ARVL) said Monday that Igor Torgov has been promoted to chief executive, effective immediately, and that it plans to cut its global workforce by about 50% to 800 employees to reduce its operating costs and optimize its current cash resources.

Along with other cost cuts in real estate and third-party spending, the company said it aims to halve the cash cost of operating the business to about $30 million per quarter. The company had cash on hand of $205 million as of Dec. 31, 2022.

The electric vehicle producer also said it has hired Teneo as financial adviser to help it with the evaluation of strategic alternatives, which include opportunities to raise capital, among others.

Shares fell 1.3% in premarket trading.

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