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The British company had said last month it would restructure to focus on the U.S. market, seeking to capitalize on the Inflation Reduction Act incentives and a larger addressable market amid efforts to cut costs.
Arrival on Tuesday reported cash and cash equivalents of about $330 million as of Sept. 30, and said it expects cash on hand to fund the business into the third quarter of next year.
Its net loss widened to $310.3 million in the third quarter from a loss of $30.6 million a year earlier.
The company also said it was exploring all funding and strategic opportunities to obtain necessary funding.
