Arcimoto Moves to Mass Production of its Functional and Recreational Electric Vehicles
As we move toward a cleaner and more eco-friendly future, the interest in electric vehicles has remained constant for investors, with companies such as Tesla (TSLA), Nio (NIO), General Motors (GM) and QuantumScape (QS) garnering much of this attention. Federal, state, and municipal governments are also incentivizing the shift to sustainable transportation; the White House released an infrastructure plan to electrify federal fleets and build out a robust charging network to “enable a clean transportation future.”
One company worth keeping an eye on as they move into mass production of their all-electric vehicles is Arcimoto (NASDAQ: FUV).
Created with a mission to catalyze the shift to a sustainable transportation system, Arcimoto designs, develops, and manufactures three-wheeled electric vehicles for everyday driving, with a top speed of 75 mph, a range of 102 miles per charge, and are actually fun to drive.
Putting the Fun in Functional
“We’re a public company with a public mission. I wanted a light-footprint electric vehicle that was affordable, fun, and dialed for the everyday. I couldn’t find it, so I started Arcimoto,” explained Founder and CEO Mark Frohnmayer.
The company offers a variety of vehicles ranging from functional to recreational, all built on the same platform to maximize efficiency and utility.
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The Arcimoto Deliverator was launched at the onset of the pandemic. Designed for local and last-mile delivery, the Deliverator features 23-cubic feet of storage that suits a wide variety of fleet options, as well as a small-footprint that is easy to park in tight spots. Arcimoto says the Deliverator is currently in low-volume production, and the company is currently taking orders from potential fleet customers.
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Arcimoto’s Rapid Responder is built for security and EMS, and is intended to improve response times, reduce operating costs, and eliminate carbon emissions.
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The Fun Utility Vehicle (FUV) is designed as an everyday driver, targeting everyone from commuters to students to retirees. It features a panoramic roof, heated seats and grips. Every FUV is backed by a 3-year/36,000-mile warranty which includes nationwide roadside assistance.
All three vehicles are capable of speeds up to 75 mph, have a 173.7 city mpg e-battery and 102 city mile range.
Arcimoto has most recently finished the development of its open-air electric road trike, the Roadster. Marketed as “the ultimate on-road fun machine,” the Roadster is built on the company’s patented three-wheel, all-electric platform and features dual-motor front-wheel drive, instant torque and a fully connected seating stance.
See also: How to Buy Electric Vehicle (EV) Stocks
Final Roadster pricing, options and accessories will be announced soon.
Moving Into Mass Production
To keep up with the demand, Arcimoto recently completed the purchase of the rAMP, a 185,000 square foot manufacturing site in Eugene, Oregon. More than five times larger than Arcimoto’s current manufacturing facility, the AMP, the rAMP is primed to meet the company’s production rate goal of 50,000 vehicles per year at full capacity.
At the end of April, Arcimoto had a market cap of approximately $300 million. This positions Arcimoto with the strongest financial foundation in the company’s history, and it predicts being able to execute its next steps with ease, efficacy, and efficiency.
Additionally, the company received approval from NASDAQ to begin listing its shares of common stock on The NASDAQ Global Market earlier this year. The move to The NASDAQ Global Market from The NASDAQ Capital Market reflects the significant growth of Arcimoto’s business and market capitalization.
“With the growing demand for alternative clean energy transportation options, we believe Arcimoto is poised for expansive growth. Meeting this demand through mass production is now our primary goal. To that end, we’ve entered into an agreement to purchase a facility that will increase our manufacturing footprint more than fivefold,” commented Frohnmayer.
Arcimoto’s mission is to further encourage the world to move away from oversized, overpriced, polluting vehicles to EVs that everyone can afford. Gas-powered vehicles are a thing of the past, and it is time for the world to move to more affordable, compact, and efficient options. We can’t afford not to.
Find out more at https://www.arcimoto.com/.
Arcimoto is a partner of Benzinga. The information in this article does not represent the investment advice of Benzinga or its writers.
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