Arrival, a startup specializing in commercial electric vehicles, released preliminary financial results that show it burning through cash.
The company said it lost $597 million (including $406 million in charges and write-offs) during the fourth quarter of 2022, potentially pushing its full-year losses past $1 billion.
Arrival won’t hold its earnings call until Monday, hoping the extra time will let it finalize a transaction to “provide additional liquidity and further extend its runway.”
The company earlier this year announced plans to reduce its global workforce by approximately 50% to 800 employees.
Arrival said it’s focused on building an electric van for the U.S. market and hopes to begin production by 2024 at a microfactory in Charlotte.
The Arrival Van promises to deliver lower operational costs than equivalent gas-powered vehicles while allowing for height, length and capacity customization.