Arrival to delay spending on bus project after posting wider loss

11/8/2022 5:56:00 PM

Arrival to delay spending on bus project after posting wider loss

Arrival to delay spending on bus project after posting wider loss

British electric vehicle start-up Arrival SA reported a wider quarterly loss on Thursday and said it would delay spending on its bus project as it looks to secure more capital, sending its U.S-listed shares down 13 per cent. The news comes after the company laid out a plan last month to cut jobs and reorg

LinkedIn British electric vehicle start-up Arrival SA reported a wider quarterly loss on Thursday and said it would delay spending on its bus project as it looks to secure more capital, sending its U.Coinbase Global reported a loss for the second quarter on Tuesday (Aug 9), hurt by a plunge in trading volumes as this year's rout in risky assets curbed investor appetite for trading in cryptocurrencies.LinkedIn :Coinbase Global Inc reported a larger-than-expected quarterly loss on Tuesday as investors worried by this year's rout in risky assets shied away from trading in cryptocurrencies, sending its shares down 6 per cent.LinkedIn TOKYO : Toshiba Corp on Wednesday posted an unexpected operating loss in the April-June first quarter as it grappled with a global chip shortage and a sharp rise in costs for raw materials.

S-listed shares down 13 per cent.The news comes after the company laid out a plan last month to cut jobs and reorganize itself around making vans in the face of a challenging economic environment.Investors have dumped speculative assets from stocks to crypto this year on fears that aggressive central bank policy tightening could tip the US economy into a recession.Electric vehicle startups that promised to disrupt the automotive industry are now scrambling to keep a lid on costs amid supply chain issues and rising raw material prices.S.London-based Arrival, which expects to start producing its vans in the third quarter and deliver them by the year-end, had received the EU's approval to operate its electric buses on public roads.Trading volumes slowed to US$217 billion in the second quarter ended Jun 30, from US$462 billion a year earlier when crypto's march to the mainstream attracted interest from traders.Top boss Denis Sverdlov, however, said the company would defer spending on bus-producing"microfactories" and customer trials until it secures additional capital.4 billion yen profit from four analysts polled by Refinitiv.

The company's net loss in the second quarter widened to $89.09 billion, compared with a profit of US$1.The crypto exchange it expects trading volumes in the third quarter to be even below that of the reported period.6 million from $56.2 million a year earlier.One of the largest cryptocurrency exchanges in the world, Coinbase has seen its market valuation decline more than 60 per cent so far this year.Arrival shares were trading at $1.In the April-June quarter, it posted an adjusted loss of $4.61 in morning session.A buyout of Toshiba could value the firm at as much as $22 billion, sources have previously told Reuters.

Source: Reuters.

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