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British EV maker, (Backed by Black Rock) once valued at $13 billion, has gone into bankruptcy protection without making any sales. Below excerpt article reported by Prakash, P. (2024, February 6). British EV maker, once valued at $13 billion, has gone into bankruptcy protection without making any sales—after getting kicked out of Nasdaq. Yahoo Finance "The latest EV company to fold is Arrival, a U.K.-headquartered startup that’s close to a decade old. The company announced that its British arm was entering administration (similar to bankruptcy protection in the U.S.) on Monday, just a week after it received notice from Nasdaq, the U.S.’s tech-heavy index, that its trading would be suspended." "Arrival failed to file its 2022 annual accounts and to meet “Nasdaq’s continued listing standards,” resulting in its removal from the stock exchange, the company said in a press release." "The British electric-van maker, which was backed by Hyundai and BlackRock, was valued at $13 billion upon its listing in 2021, according to Crunchbase. Arrival’s launch was a watershed moment for the U.K.’s EV ambitions as it looked like a promising player in an important—and, at the time, fast-growing—market. For its part, it received orders for its vans from American companies like United Parcel Service and Uber, but it never quite got to the point of mass production." BlackRock is a major shareholder of BYD EV car manufacturer in China (largest in the world now beating Tesla 2024) with a reported share holing of 5.85 %, according to Hong Kong Stock Exchange filings. Source article reported by Kang, L. (2022, October 19). BlackRock reduces holdings in BYD H shares. CnEVPost Read Full article: • British EV maker, once valued at $13 billion, has gone into bankruptcy protection without making any sales—after getting kicked out of Nasdaq - Yahoo Finance • BlackRock reduces holdings in BYD H shares - CnEVPost Photo from Rawpixel Legal Disclaimer: INFYNIT is providing the content here for educational purposes only. All opinions are of the original author and not an opinion of INFYNIT or any of its affiliates. #bankruptcy #cars #evcars #british #Britian #globalnews #bankrupt
