ARVL - Arrival proposes business reorganization to focus on starting Van production in Q3

• Arrival ( NASDAQ: ARVL ) said Tuesday it proposed a reorganization of its business in light of the challenging macro environment as it focuses on starting production of the Arrival Van in Q3 .
• The proposal includes a realignment of the firm that would enable it to deliver business priorities till late 2023, primarily using $500M cash on hand.
• It also includes targeted 30% cost cuts, potentially impacting up to 30% of ARVL's employees globally.
• ARVL believes its proposals will enable it to service strong demand amid supply chain issues, the pandemic, geopolitical tensions and rising inflation.
• The firm will provide an update on its strategy during its Q2 post-earnings call on Aug. 11.
• ARVL stock inched 1.4% higher in aftermarket trade.

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