Arrival to delay spending on bus project after posting wider loss

FILE PHOTO: Engineers at UK electric van and bus maker Arrival test a specially developed autonomous robot at the startup's low-cost "microfactory" in Bicester, Britain, August 3, 2021. Picture taken August 3, 2021. REUTERS/Nick Carey

(Reuters) - British electric vehicle start-up Arrival SA reported a wider quarterly loss on Thursday and said it would delay spending on its bus project as it looks to secure more capital, sending its U.S-listed shares down 13%.

The news comes after the company laid out a plan last month to cut jobs and reorganize itself around making vans in the face of a challenging economic environment.