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Arrival (NASDAQ:ARVL) stock is on the move Wednesday after the electric vehicle (EV) company revealed preliminary results for the fourth quarter of 2021.
The company notes that it's been making strong progress throughout the quarter and the year. That includes Letters of Intent (LOI) from organizations that want to purchase the EVs made by the company.
Arrival focuses on commercial EVs such as buses and vans. This has it working with Local Authorities in England to integrate the company's electric buses into the transportation industry. That could see as many as 193 electric buses joining the fleet after trials are complete.
Arrival also notes that it's on track to start up van production at two different locations this year. That includes in Bicester, UK in the third quarter of the year and Charlotte, USA in the fourth quarter of the year.
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Denis Sverdlov, founder and CEO of ARVL, said the following in the company's preliminary earnings report.
'We are confident we will launch production utilizing our unique proprietary production process, software, hardware and robotics to meet demand and capture a significant share of this total addressable market. 2022 is an important year in this journey as we begin production of our Bus and Van and delivery of these vehicles to our customers."
So how's this affecting ARVL stock today? Surprisingly, we aren't seeing heavy trading of shares today with only about 3 million units moving. That's still well below the company's daily average trading volume of 6,2 million shares.
ARVL stock is up 4.3% as of Wednesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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