Arrival

Arrival, a UK-based EV company, promised to revolutionize manufacturing with small "microfactories" that could be deployed anywhere. Backed by Hyundai, Kia, and BlackRock, the company went public via SPAC at a $13B valuation. But the microfactory concept proved unworkable—each required significant capital investment but lacked the volume to achieve cost efficiency. After producing only a handful of prototype vans, Arrival pivoted to cars, then back to vans, burning through cash while never reaching series production. The company entered administration in 2024. The lesson: manufacturing innovation requires proven unit economics before scaling, not after.