Fresh on the heels of a $12 Million public offering that closed in January, Arcimoto has announced an additional $6 Million in funding by means of a real estate loan on their Eugene, Oregon factory.
A press release from February 22nd states, "A portion of the net proceeds from the offering were used to repay the convertible note with 3i. The remaining funding will be used for working capital and general corporate purposes."
The company seems to be getting back on their feet after production of the FUV and related vehicles was halted due to financial concerns last month. Just last week Arcimoto announced that production of the FUV and Deliverator were resuming and product improvements had been made.
Jesse Fittipaldi, Arcimoto Interim CEO said, “We announced this week the start of 2023 production with new steering features and improvements on the FUV and Deliverator. This additional funding paired with our efforts in reducing vehicle costs and increasing sales gives the team practical confidence as we continue to focus on the growth of FUV and Deliverator programs."
While these latest announcements don't guarantee anything for Arcimoto in the long term, the new funding has given the company a much-needed lifeline, allowing it to resume production of the FUV and continue its mission to provide sustainable transportation options.
The FUV is a three-wheeled electric vehicle designed for daily commuting and short trips around town. It has a range of up to 102 miles per charge and can reach a top speed of 75 mph. The FUV is also highly efficient, with a cost per mile of less than 10 cents.
Arcimoto's resumption of production is great news for the company's employees, customers, and investors. It also represents a significant step forward for the electric vehicle industry, as the FUV is a unique and innovative vehicle that fills a gap in the market for sustainable, affordable transportation.
Source: Arcimoto Press Release
Fans of the Arcimoto Fun Utility Vehicle (FUV) are rejoicing this week as an announcement from the company was sent out via email and social media channels. In a statement on the 18th, Arcimoto announced that they are resuming production of the FUV and Deliverator models while streamlining vehicle options and making some improvements to the models before deliveries start in the Spring.
The company said they have updated the steering system to “deliver improved handling and maneuverability at all speeds while reducing steering effort by more than 40% from prior models.”
The 2023 FUV now comes standard with a number of features that were previously listed as additional options. The rear cargo box, phone mount, cup holders and colored vinyl print are all included with the base price of the FUV. The west coast half doors, Corbin diamond colored seats, and other options are still available.
Pricing has also been updated. The FUV now starts at $19,900 and the deliverator at $25,000.
With these updates, they’re also making it super easy to reserve and purchase an FUV. They have a new pre-approval process for vehicle financing and only a $250 refundable deposit to reserve your chosen configuration.
For more information go to www.arcimoto.com
The future of Arcimoto, the Oregon-based maker of fun, three-wheeled electric vehicles, is unclear. Earlier this week in an SEC filing the company disclosed that they "have halted [their] production of vehicles and will require substantial additional funding to resume production, which may not be available to [them] on acceptable terms, or at all, and, if not so available, [they] will be required to cease [their] operations and/or seek bankruptcy protection."
The company has faced many recent challenges that included supply chain issues, a change in leadership, and the hemorrhaging of cash reserves as they work to ramp up production of their FUV and other similar vehicles.
On January 19th, the company successfully closed a $12 Million public stock offering which may help hold off bankruptcy in the short term, but if the balance sheet doesn't significantly improve, it may be an inevitability.
In their Q3 Financial update, the company reported:
Total revenues for the third quarter of 2022 increased 35% to $2 million as compared to $1.5 million in the third quarter of 2021. YTD September 30, 2022 revenue increased 16% to $4.2 million as compared to $3.6 million in 2021.
The Company incurred a net loss of approximately $17 million or ($0.38) per share, in the third quarter of 2022 compared with a net loss of $11.5 million or ($0.31) per share, for the same prior-year period.
The Company had $65.6 million in total assets, $4.2 million in cash and cash equivalents, and $27.6 million in total liabilities as of September 30, 2022.
About Arcimoto, Inc.
Arcimoto is a pioneer in the design and manufacture of rightsized, ultra-efficient, incredibly fun electric vehicles for everyday mobility. Built on the revolutionary three-wheel Arcimoto Platform, their vehicles are purpose-built for daily driving and local delivery, all at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Based in Eugene, Oregon, the Arcimoto team is dedicated to creating world-class EVs that make the world a better place. For more information, please visit Arcimoto.com.
Arcimoto, makers of rightsized, outrageously fun, ultra-efficient electric vehicles, announced in an email, October 20th that they are opening up six new states for sales of the FUV: New York, New Jersey, Pennsylvania, Maryland, Virginia, Georgia, and Washington D.C.
Once ordered, deliveries are expected to arrive within 120 days.