(Reuters) – British electric vehicle start-up Arrival SA said on Monday it had $130 million in cash and cash equivalents at the end of March, down nearly 37% from the end of December.
The company, which did not provide any details on first-quarter results in its earnings release, said it has built three vans at its Bicester factory, with five more in progress.
Earlier in April, Arrival said it would merge with blank-check firm Kensington Capital Acquisition Corp V.
The transaction would allow Arrival to access up to $283 million of cash “held in trust” for building its Charlotte, North Carolina factory and for developing its XL Van, Arrival said on Monday.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Shounak Dasgupta)
