Arcimoto, Inc. Stock Price, News & Analysis

Arcimoto is expanding its electric vehicle orders to New York, New Jersey, Pennsylvania, Maryland, Virginia, Georgia, and Washington D.C., marking the largest sales expansion in the company's history. This move is part of a strategic restructuring plan aimed at reducing operational costs by approximately $20 million annually. The company plans to increase its vehicle backlog and scale production to align with sales. A financing promotion of 1.99% APR for qualified customers will run until November 30, 2022. Deliveries to new states are expected to begin in November.

Arcimoto, Inc. (NASDAQ: FUV) announced that its Deliverator has been named the 2022 Overall Electric Vehicle of the Year by the AutoTech Breakthrough Awards. Designed for last-mile delivery, the Deliverator features a top speed of 75 mph, a range of 102 city miles, and 28 cubic feet of cargo space. Interim CEO Jesse Fittipaldi highlighted the vehicle's potential to reduce costs and environmental impact compared to traditional delivery trucks. The awards program received over 1,500 nominations, showcasing global excellence in automotive technology.

Faction Technology and GoCar Tours have partnered to implement driverless vehicle delivery systems using the FUV platform from Arcimoto. This collaboration will enable GoCar to deploy vehicles directly from depots to pickup locations, enhancing customer access and convenience. The driverless GoCar EVs are equipped with Faction's DriveLink® and TeleAssist™ technologies, allowing for a range of up to 100 miles. Pilot trials are anticipated to begin in 2023, facilitating a more efficient rental experience for customers in various cities.

Arcimoto announced a strategic restructuring focusing on immediate revenue-generating initiatives, including FUV consumer sales and Deliverator fleet sales. The company projects a 32% reduction in payroll expenses through furloughs and workforce cuts to enhance efficiency and profitability. This restructuring is a response to macroeconomic challenges and supply chain issues, allowing better resource allocation. Long-term projects will be paused to concentrate on core products driving sales and rentals.

Arcimoto, Inc. (NASDAQ: FUV) has partnered with Hyatt Place Eugene/Oakway Center to offer guests the ability to rent its electric Fun Utility Vehicles (FUVs). This initiative aims to enhance tourists' experience in exploring Eugene and the surrounding Willamette Valley. The rental service will be available directly at the hotel, reinforcing Arcimoto's growth strategy in tourism. This collaboration signifies a commitment to integrate electric vehicle usage in popular travel destinations, supporting sustainable tourism.

Arcimoto, Inc. (NASDAQ: FUV) has entered into a securities purchase agreement to issue up to $20 million in senior secured convertible notes. This offering, set to close on September 1, 2022, aims to fund working capital and corporate initiatives. The notes will have a 6% interest rate, with monthly payments starting October 1, 2022, and will mature in 24 months. The initial closing will secure $10 million, with a second $10 million subject to shareholder approval for stock issuance. Each note issuance includes warrants for 500,000 shares of common stock.

Arcimoto, Inc. (NASDAQ: FUV) recently appointed Chris Dawson and Dan Creed to its Board of Directors. Chris Dawson brings extensive experience in engineering and electric vehicles, having served at Nikola Tesla Co and Tesla. He aims to refine manufacturing processes for increased production and profitability. Dan Creed, with a strong background in sales and marketing from Cadillac and BMW, sees potential for sustainable transportation through Arcimoto's rightsized vehicles. Both appointments signal a strategic move to enhance the company's market position and operational efficiency.

Arcimoto, Inc. (NASDAQ: FUV) announced the grand opening of its first experience center in Hawai’i, Arcimoto Honolulu, on August 20, 2022. Rentals will officially start on August 21, 2022, catering to locals and tourists eager to experience the company's unique electric vehicles. The event will feature a business blessing ceremony, refreshments, and FUV rides. This marks the third experience center for Arcimoto, enhancing its presence in key tourist destinations. Vehicle deliveries to Hawai’i are expected to begin in Q1 2023, with reservations now open.

Arcimoto, Inc. (NASDAQ: FUV) reported a record vehicle production with 102 units in Q2 2022, a 109% revenue increase to $1.5 million from the previous year. Despite this growth, net losses rose to approximately $17.4 million, or $0.44 per share. The company faced supply chain challenges, resulting in revised production guidance, yet aims for a future run-rate of 2,400 vehicles annually. Recent initiatives include expanding rental programs, new legislation favoring autocycles, and a partnership for last-mile delivery in Manhattan.