Arrival (NASDAQ:ARVL) shares are trading higher after the company's Arrival Van achieved EU certification and received European Whole Vehicle Type Approval.
Arrival successfully completed all the required functional and safety testing to achieve European whole vehicle type approval, which is a critical step towards starting trials with customers in the coming months. The company is expected to start production of the Van in Bicester, UK in the third-quarter of 2022.
Denis Sverdlov, Founder and CEO at Arrival, said "Our customers are tremendously excited about the Arrival Van and the unique offering it provides them. With an unrivaled user experience and lower total cost of ownership it will help them accelerate their transition to zero-emission vehicles. This version of the vehicle we started in 2020, so to have passed all certification tests in this short time frame is a truly monumental achievement by the whole team. We now look forward to starting production later this year and delivering vehicles to our customers, in order to help to make cleaner air for cities all over the world."
Arrival is reinventing the automotive industry with its entirely new approach to the design and assembly of electric vehicles.
ARVL Price Action: Arrival has traded between $17.90 and $1.28 over a 52-week period.
The stock was trading about 16.29% higher at $1.63 per share on Tuesday at the time of publication.
