Canoo Acquires Assets from Struggling EV Startup Arrival after Bankruptcy

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Bankrupt commercial EV startup Arrival has sold some of its assets, including advanced manufacturing equipment to Canoo, another struggling startup trying to build and sell electric vehicles. Canoo said the purchased assets, packed into more than 20 container ships, will be sent to the company’s facility in Oklahoma. The company previously acquired all of the new, and “like-new” assets owned by Arrival’s business unit in the United States. Arrival announced in January that it planned to sell off assets and IP from its U.K. division after filing for bankruptcy protection in the U.K. Arrival never produced any commercial vehicles at scale and its market valuation is now around $7.7 million.