British electric vehicle company Arrival SA said on Tuesday it planned to reorganise its business, which could result in up to 30% reduction in its workforce.
Arrival said the move will enable it to start production of its Arrival Van in the third quarter as planned, sending its shares up 3.4% to $1.51 in extended trading.
The restructuring, which the company said is in response to a challenging economic environment, aims at a 30% cut in spending to help meet its business targets until late 2023 using the $500 million cash on hand.
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