Electric transport startup, Arrival, announced on Monday plans to lay off approximately 50 percent of its workforce for the second time in less than a year. This move will reduce the company’s headcount to around 800 employees, reflecting the company’s worsening financial situation since it warned of being cash-strapped in the middle of 2021. As of the end of 2022, Arrival had $205 million cash on hand, but following the latest round of layoffs and other cost-cutting measures, the company expects to reduce the cost of day-to-day operations to approximately $30 million per quarter.
