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belly-up commercial-grade EV inauguration Arrival has sold some of its assets , including advanced manufacturing equipment to Canoo , another struggling startup try on to work up and betray electric vehicles .
The acquisition , which was gasconade as a cost - saving measure that will melt off capital consumption by 20 % , comes as Canoo struggles to move beyond prototypes toward commercial-grade production . Canoo say the purchased assets , packed into more than 20 container ships , will be sent to the company ’s facility in Oklahoma . The party previously acquired all of the novel , and “ like - young ” plus owned by Arrival ’s business social unit in the United States . It ’s indecipherable if Canoo also acquired any of Arrival ’s IP .
Canoo did not answer to a petition for commentary .
Arrival announce in January that it planned to sell off assets and IP from its U.K. class afterfiling for failure protectionin the U.K. Arrival , once valued at more than $ 13 billion andbacked by Hyundai and UPS , claimed it wasgoing to revolutionizethe output of electric vehicles by building them in compact “ microfactories ” that could be located in metropolis center .
Those architectural plan , which include an galvanizing coach , vans and even a intention - build car for Uber , descend apart as it burned through cash and a routine of executives . Arrival reconstitute at least three time — in each representative , laying off workers — and shift itsfocus to the United Statesand away from the U.K. market to preserve capital . Arrival never develop any commercial vehicles at scurf and its market valuation is now around $ 7.7 million . After years of excitableness and a share price that lost nearly all of its time value , the company file for bankruptcy .
Canoo , meanwhile , has had its own battle . Aftergoing publicvia a amalgamation with a special purpose accomplishment company , the party fight to produce its EV , an eye - catching purpose based on a “ skateboard ” computer architecture that houses the battery and the electrical drivetrain in a soma underneath the vehicle ’s cabin .
Canoo previously account it has more than $ 1 billion in its sales pipeline , a figure of speech largely attributable to a peck with Walmart to buy 4,500 unit , with an choice to buy up to 10,000 units . However , the company has struggled to convert those sales into deliveries .
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Canoo is basically a pre - revenue companyburning through cashand has had to return to stock splits andissuing more sharesto stay afloat . Last year , the troupe moved to a dissimilar tier in the Nasdaq Exchange after its stock cost languished below $ 1 and triggered a delisting notification .
