Bankrupt startup Arrival sold its assets to Canoo

The bankrupt startup Arrival, which once planned to revolutionise the production of electric vehicles, has sold some of its assets to Canoo.

Here's What We Know

Arrival, which was previously valued at more than $13 billion, announced its intention to sell the assets of its UK subsidiary after filing for bankruptcy in the UK.

Canoo, for its part, has been experiencing difficulties in manufacturing its electric vehicles, although it had a deal with Walmart to supply a significant number of cars.

This move by Arrival came as a surprise to the industry, especially given its previous valuation and support from major players such as Hyundai and UPS. Meanwhile, Canoo has already been forced to turn to share splits and the issuance of additional shares to avoid financial difficulties.

The acquired assets and equipment will be shipped to Canoo's facility in Oklahoma.

Nevertheless, some questions remain, including whether the deal includes Arrival's intellectual property. Canoo declined to comment on the matter.

Source: TechCrunch