When the electric vans startup Arrival announced that it was seeking to focus its business on the US market, it seemed like a good move. Biden’s Inflation Reduction Act was offering massive subsidies for the green industries of tomorrow; the market would surely surge, and Arrival’s fortunes with it.
They did not. The “British Tesla” as it was once known, which was valued at over £10 billion on the Nasdaq at one point, has seen its UK arm enter administration. It follows that other darling of green industrial policy, Britishvolt, which collapsed last year (it was later bought by Recharge Industries).
