CHARLOTTE – Arrival, a United Kingdom-based maker of electric vehicles with North American headquarters in Charlotte, is under new leadership.
Igor Torgov, who had previously served the company as the executive vice president of digital, is the company’s new top executive.
The company’s board of directors vote to appoint Torgov as CEO was unanimous, according to a company statement.
Doing so was a part of the firm’s planned restructuring, which it announced in 2022. The restructure included cutting the company’s workforce in half, an elimination of about 800 workers.
“The actions support our journey to become a champion in innovative products and new, more efficient methods of vehicle production, particularly in the important US market for commercial electric vehicles,” said Torgov in a statement. “We are keenly aware that these decisions, while necessary, will have a profound impact on a significant number of our colleagues.”
The job cuts began in July 2022 with some 30% of workers affected.
Arrival continues restructure to bring EV products to US market – with $330M cash-in-hand
Focusing on US production
Arrival previously announced that the restructuring was to focus on the development of its electric van product for the United States market.
According to a statement, the company still expects to start production in Charlotte in 2024, but with one caveat: doing so would be “subject to raising additional capital,” the company’s statement noted.
The firm reports earnings and shares additional information on March 9, 2023, but a statement released by the company said that as of the end of 2022, the company had $205 million in cash on hand. In November 2022, the company disclosed $330 million in cash on hand.
Torgov will replace the interim CEO, Peter Cuneo.
“My challenge, as Interim CEO, was to work with the senior leadership team and the Board of Arrival to create a plan to take the company successfully into the future; one that would encourage investors to provide financial support to Arrival,” said Cuneo in a statement. “The plan is being effected now and this allows for a permanent CEO, who knows the Arrival business, people and technology intimately, to be appointed.”
The company’s first electric van came out of production in September 2022.
Report: Arrival, with N.A. HQ in Charlotte, could lay off 30% of workers
