Arrival – The UK based commercial electric vehicles startup is going through a major cut of workforce – letting go 30% of its overall workforce due to uncertain economic conditions.
The EV company currently has a total headcount of 2,381 employees based on its Linkedin Page. 30% reduction could mean that 700+ employees will be asked to relieve their duties.
Arrival, which went public early last year wants to make these cuts to reduce its spending while also targeting to meet its production target by the end of the year. The company mentioned as part of their first quarter earnings call that the company is expecting the produce between 400~600 cars through the second half of the year.
This news joins a number of EV companies (Rivian, Tesla) and Robotic based delivery companies making cuts in their workforce anticipating an economic turmoil.