In an attempt to generate operational capital, the Board approved plans for an accelerated book-build offering of newly issued ordinary shares at an extraordinary general meeting on 29 January 2024.

The company reported a record production of 69,800 units (68,000 in 2022), up 1,800 from the previous year. 57,900 of these were medium and heavy-duty CF, XD, XF, XG and XG+ trucks that came off the production line (56,100 in 2022) and the other  11,900 being  LF and XB distribution trucks.

Inflation, higher energy costs, supply chain disruptions, and the continuing impact of the COVID-19 pandemic on the company’s finances were cited as reasons behind the decision to slash the company workforce.

The company announced increased sales in 2023, with 526,053 trucks and buses sold compared with 520,291 in 2022. Despite supply chain issues, it tripled its BEV sales in 2023 to 3,443, or 277% more than in 2022 (914 units).

In the heavy vehicle segment, the company sold 145,506 battery units in 2023 compared with 87,844 the previous year, a change of +65.6%. Conversely, in the light vehicle segment, 2023 sales rose to 25,831, a +11.5% increase from 2022 figures (23,175). Analysing total sales, 2023 saw a 54.3% growth, to 171,338, from 2022 sales figures of 111,019.

The company reported that sales of Maxus vans grew by 46% in 2023, while its battery electric vans took fourth place in the UK LCV-EV market, and it forecasts growth of 50% across all brands this year. 

Schwarzmüller cited increasing materials and energy costs, and “an unsteady market environment”, as factors which contributed to the lower sales figures in 2023.

The Volvo FH 540 heavy truck ended 2023 repeating the same feat of the previous five years.

DAF Caminhões do Brasil Ltda of Ponta Grossa, Paraná State was the only truck brand to increase its sales in the Brazilian market in 2023!

The electric vehicle manufacturer also reported USD58.5m in working capital and incoming revenues of over USD12m from recent vehicle deliveries.

Valued at GBP 9 billion just three years ago, it has been a tumultuous time for the OEM, whose shares were delisted from the Nasdaq stock market on January 30, 2024, due to non-compliance. With 400 jobs at risk, the business will now look to sell off any and every asset it can, in order to pay back its creditors.

Arrival confirmed that it had received a stock trading suspension notice from the Nasdaq Stock Market LLC on January 26. The news sent the company’s share price down 15% on Monday the 29th of January with trading completely suspended on January 30, 2024.