Arrival, a developer of electric vans and buses, says it has come up with a cheaper way to build vehicles in small factories. But can it deliver on that promise?
“At the end of the day, it was a bit of fun with the name and the brand,” a Volkswagen spokesman said.
Federal regulators are investigating 23 recent accidents in which drivers were, or may have been, using the automatic steering and braking system.
The electric carmaker has struggled with quality issues as it has scaled from making tens of thousand cars a year to 500,000 in 2020.
The move, one of the most ambitious in the auto industry, is a piece of a broader plan by the company to become carbon neutral by 2040.
The company benefited from a jump in sales of electric cars in China and Europe, but its fourth quarter earnings fell short of Wall Street’s expectations.
Tesla’s transformation from a company that lost large sums of money every year has been made possible in large part by rising sales in China and Europe.