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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Uma Rajagopal

    Posted on July 4, 2023

    Featured image for article about Top Stories

    Arrival, Nikola signal more pain for EV startups

    (Reuters) -Arrival SA will terminate plans to merge with a blank-check firm and Nikola Corp will offload its newly acquired battery unit, the companies said on Monday, amplifying concerns over the struggles electric vehicle (EV) startups face in building scale.

    British electric vehicle company Arrival, whose shares fell more than 2% in extended trading, had said in April it would merge with Kensington Capital Acquisition Corp V to bolster its depleting cash pile.

    The special purpose acquisition company (SPAC) did not immediately respond to a request for comment.

    Meanwhile, Nikola Corp will liquidate the assets of Romeo Power, an EV battery maker it acquired less than a year ago, to energize the business.

    The news comes close on the heels of peer Lordstown Motors filing for bankruptcy protection last week.

    In contrast, electric vehicle behemoth Tesla and California-based Rivian Automotive beat market estimates for second-quarter deliveries.

    EV firms have been facing dwindling cash reserves over the past few months, pressured by high costs related to production ramp-ups and soaring inflation.

    Arrival had in April bet that the second reverse merger would release $283 million of cash held in trust before redemptions. In early 2021, the company had merged with CIIG Merger Corp.

    The EV startup in May reported a 37% slump in cash and cash equivalent at the end of the first three months of the year, from the preceding quarter.

    The startup warned in November it would run out of cash before the end of 2023. The company has cut staff almost 75% to 750 employees in a bid to conserve cash.

    Arrival said in May it aimed to begin producing its medium-duty XL Van at a “microfactory” in Charlotte, North Carolina, by late 2024.

    The company’s early investor United Parcel Service is still an anchor customer and it has ordered up to 10,000 vans.

    In May, the company said it expects to report one or more material weakness in internal control over financial reporting.

    (Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila)

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