Arcimoto, Inc. Stock Price, News & Analysis

Arcimoto, Inc. (NASDAQ: FUV) announced the appointment of Christopher W. Dawson as the new CEO, effective immediately, as part of a strategic executive change aimed at accelerating company growth. Dawson, who joined the Board in August 2022, replaces Jesse Fittipaldi, who transitions to President. Other leadership changes include Dwayne Lum as COO and Terry Becker heading the Tilting Motor Works Division. Dawson's decade-long experience in the electric vehicle industry includes pivotal roles at Tesla, where he contributed to the Model 3 scale-up. He aims to enhance strategic partnerships, capital formation, and sales efforts. Founder Mark Frohnmayer expressed confidence in Dawson's leadership, citing his efficiency focus as crucial for growth.

GoCar Tours has announced the grand opening of its new location in Las Vegas, offering tourists unique GPS-guided driving tours. The fleet includes electric vehicles designed to reduce emissions, catering to both popular and local attractions. In collaboration with Faction, GoCar will introduce driverless technology, allowing customers to reserve a self-driving GoCar that autonomously returns to the location after use. A demonstration of this innovative vehicle, based on Arcimoto's platform, is set for March 2nd. GoCar aims to expand its offerings to other cities, including San Francisco, San Diego, and Barcelona.

Arcimoto expands into key markets as it begins accepting orders for its electric vehicles in Connecticut, North Carolina, South Carolina, and New Mexico. First deliveries are expected in the first half of 2023. This expansion comes after the announcement of enhanced steering features and improvements for its FUV and Deliverator models for 2023 production.

Arcimoto aims to tap into top EV markets in the U.S., fostering growth in both consumer and commercial sales channels. Customers nationwide can place refundable preorders, signaling strong interest in eco-friendly transportation options.

Arcimoto, Inc. (NASDAQ: FUV) announced that it secured $6 million in additional funding via a real estate loan for its Eugene, Oregon factory, shortly after closing a $12 million public offering on January 20, 2023. Part of the offering's proceeds were used to repay a convertible note. The company plans to utilize the new funds for working capital and general corporate purposes. Interim CEO Jesse Fittipaldi highlighted the start of 2023 production with enhanced features for the FUV and Deliverator models, underscoring a commitment to reduce vehicle costs and bolster sales.

Arcimoto, Inc.® (NASDAQ: FUV) has announced the start of its 2023 vehicle deliveries, expected to begin in March. The new model features an enhanced steering system that significantly improves handling and reduces steering effort by over 40%. In Q4 2022, Arcimoto achieved its highest quarterly deliveries with 89 vehicles, bringing total deliveries for the year to 228 and over 500 vehicles on the road. Interim CEO Jesse Fittipaldi emphasized a focus on improving vehicle quality and lowering manufacturing costs to drive sales in the coming year.

Arcimoto, Inc. (NASDAQ: FUV) reported a record 89 customer vehicle deliveries in Q4 2022, marking a 20% increase from Q3 2022. The total deliveries for 2022 reached 228 vehicles, bringing the cumulative number on roads to over 500, despite supply chain challenges. The company successfully closed a $12 million public offering on January 20, 2023. Moreover, Arcimoto offered more than 5,000 demo rides in 2022, expanding its customer base. Interim CEO Jesse Fittipaldi expressed confidence in scaling marketing and production efforts to achieve profitability in 2023.

Arcimoto, Inc. (NASDAQ: FUV) has successfully closed a public offering of 4 million shares with accompanying warrants, generating approximately $12 million in gross proceeds at a price of $3.00 per share. The five-year warrants are immediately exercisable at the same price. The funds will primarily be utilized to repay a convertible note to 3i, LP, maturing on August 31, 2024, with an interest rate of 6%. The offering was conducted under an effective shelf registration statement filed with the SEC. A.G.P./Alliance Global Partners acted as the sole placement agent for this transaction.