PTRA - Arrival: Another 'Prove It' EV Story

• Arrival brings a unique business model that opens the door for significant margin and cost advantages in production through its microfactories.
• Aggressive production timelines and a target to have four vehicle lines in production by year-end 2023 could require much more cash than is on hand.
• Arrival's Bus looks to provide a significant TCO advantage and can find tailwinds to growth in the EV transition due to relatively low penetration in that market.
• A high valuation at ~$11.2 billion runs the risk of extra dilution to raise cash to build out microfactories and vehicle lines to meet its targets.

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