ARVL - Why Shares of EV Maker Arrival Jumped Today
Shares of electric vehicle (EV) start-up Arrival (NASDAQ: ARVL) spiked more than 10% Tuesday morning after the company announced a plan to avoid running out of cash. The stock still held onto a gain of 6.5% as of 10:21 a.m. ET.
The bounce adds to a doubling in shares this year. But the troubled company's stock has still dropped more than 90% over the past year.
The company plans to make electric buses and vans from small manufacturing facilities located near specific customer accounts. But it has struggled to begin production and announced it was cutting 50% of its workforce earlier this year as it pivots away from its U.K. bus plant to focus on van production in the U.S.
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Why Shares of EV Maker Arrival Jumped Today