Nasdaq-listed Arrival, which has seen its shares plummet by 95% over the last year, is in talks with EY about acting as administrator if the company cannot secure rescue funding, Sky News learns.

The British-based company which set out plans to become a global pioneer in electric vehicle manufacturing has taken a step closer to insolvency after lining up a new set of advisers to oversee contingency planning.

Sky News has learnt that Arrival, which is listed on New York's Nasdaq stock exchange, is in discussions with EY, the professional services firm, about acting as administrator if it...