Tuesday , November 24 2020

A $ 5.4 billion Tesla rival is announced through a SPAC created by the former CEO of Marvel Comics



Ariival
  • A British startup that looks like Tesla is going to be announced at a value of $ 5.4 billion through a special acquisition company created by the former CEO of Marvel Comics, Peter Cuneo.
  • The London-based Arrival will be combined with the American company CIIG Merger. The combined company expects to be listed on NASDAQ with the “ARVL” symbol.
  • Arrival rivals EV Tesla maker and maker of Amazon’s first power delivery vehicle, the Rivian.
  • The signed start-up contracts currently amount to $ 1.2 billion.
  • Visit the Business Insider homepage for more stories.

The British launch of electric vehicles, Arrival will be published in conjunction with an American “check control company” founded by Peter Cuneo, former CEO of Marvel Comics and personal care company Remington Products.

The deal will value the combined company at $ 5.4 billion and is expected to raise a total of $ 660 million, Arrival said in a statement. The electric bus and truck maker was last valued at $ 3 billion after receiving a $ 118 million investment from BlackRock.

The arrival is expected to be included in the NASDAQ with the symbol “ARVL” and the deal is expected to be completed in early 2021. It competes with Tesla and Rivian based on Elon Musk, which is fully supported by Amazon.

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He is also involved in Hyundai Motor Company, Kia Motors and United Parcel Service. UPS has already committed to ordering 10,000 electric trucks earlier this year, and may increase it at some point.

Arrival said it had signed $ 1.2 billion worth of contracts and that its first vehicles were scheduled for production in the fourth quarter of 2021.

US businessman Peter Cuneo will join Arrival’s board of directors as non-executive chairman, while founder Denis Sverdlov will remain chief executive.

Special Purchase Companies, or SPACs, are also known as “blank check” companies. These were created specifically to get the public of a company, going beyond the traditional path of an initial public offering. Their use has exploded this year. About $ 66 billion has been raised in 186 IPO SPACs by 2020 so far, according to SPACInsider.com, more than tripled last year to $ 13.6 billion in revenue through 59 deals.

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