Hyperdrive
Russian Mogul’s EV Startup Struggles One Year After SPAC Deal
- Arrival went public with big ambitions and a star-studded team
- ‘What we’re doing is extremely challenging,’ president says
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There was so much going for Arrival Ltd. when Denis Sverdlov was preparing to take the maker of electric vans and buses public a year ago.
The Russian founder and chief executive officer of the mostly U.K.-based manufacturer had brokered a partnership to jointly develop vehicles with Hyundai Motor Co. and Kia Corp., and lined up a major order from United Parcel Service Inc. All three invested before BlackRock Inc. put in more money. Then a special purpose acquisition company came calling.