OREANDA-NEWS  The British division of the electric car startup Arrival has launched an administrative management procedure, which is a "version of bankruptcy," TechCrunch writes, citing the company of Russian ex-official and former head of Yota Denis Sverdlov.

The process began a week after Nasdaq announced the withdrawal of shares of the startup from its stock exchange, which, instead of the previous $ 13 billion, is now estimated at 9 million, the publication notes.

In 2013, Sverdlov moved to London and founded the 500 million euro Kinetik foundation. He remained the sole shareholder of Arrival until South Korean corporations and the American postal service UPS invested in the company. By 2024, it was planned to sell electric vehicles worth 400 million euros.

At the center of the Arrival concept was the creation of electric commercial vans and buses on compact "microfactories" that could be located in the city center. Trying to restructure the business and save the company in 2022, when its founder lost about half of its capital, it refocused on the US market, where the first electric vans were supposed to be delivered, but did not succeed in this either, according to journalists.