Arrival ARVL, -2.47% said Monday that it will cut its global workforce in half, to about 800 employees, as it implements a restructuring aimed at cutting spending by about 50% to preserve cash. The stock was halted for news, until 9:00 a.m. Eastern. The Luxembourg-based electric vehicle maker also named Igor Torgov, a former Arrival executive vice president of its digital business, as chief executive officer, to effect the restructuring. The company also appointed financial advisor Teneo to evaluate strategic initiatives. When combined with other cost reductions in real estate and third-party spending, the company expects to halve the ongoing cash cost of operating the business to approximately $30 million per quarter, the company said…
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