Arcimoto and Virginia Clean Cities Launch Statewide Pilot Program to Test Ultra-Efficient Electric Vehicles

Rhea-AI Summary

Arcimoto (NASDAQ: FUV) has launched a joint pilot program with Virginia Clean Cities to test its Fun Utility Vehicle, Deliverator, and Flatbed models across Virginia, starting April 15. This initiative aims to advance the state's sustainable transportation goals by evaluating the benefits of electric vehicles. The project aligns with Virginia's commitment to reducing carbon emissions and improving air quality. Arcimoto's CEO emphasized the advantages of their electric fleet over gas-powered vehicles, highlighting utility and cost-effectiveness in achieving sustainability.

Positive

• Joint pilot program with Virginia Clean Cities to evaluate Arcimoto's electric vehicles.
• Testing of multiple models, including the Fun Utility Vehicle and Flatbed, which may boost brand visibility.
• Potential alignment with Virginia's sustainability goals can enhance market presence.

Negative

• None.

Arcimoto FUV, Deliverator, and Flatbed models will be put to the test across the state to further Virginia’s vision for sustainable transportation.

EUGENE, Ore., March 07, 2022 (GLOBE NEWSWIRE) -- Arcimoto, Inc.^® (NASDAQ: FUV), makers of rightsized, outrageously fun, ultra-efficient electric vehicles for moving people and stuff, today announced that it has entered into a joint pilot program with Virginia Clean Cities to test the Fun Utility Vehicle, Deliverator, and Flatbed across the state.

Over the course of the pilot program beginning on April 15, Arcimoto vehicles will be tested across the state by a variety of state and municipal organizations. If you’re interested in scheduling a test drive event, please email info@vacleancities.org, or visit Drive Electric Virginia at www.driveelectricva.org for information on upcoming test-drive events.

“Virginia Clean Cities has been leading the charge for sustainability in Virginia for years now, and we are perfectly aligned with their mission, which is critical for Virginia and the world,” said Arcimoto Founder and CEO, Mark Frohnmayer. “The Arcimoto platform offers meaningful advantages over gas-powered fleets, including daily utility, total cost of ownership, and energy efficiency. We’re proud to work with Virginia Clean Cities to help them meet the state's sustainability goals, which are substantial.”

Virginia Clean Cities advances air quality improvement, economic opportunity, and energy security through deployment of alternative fuel vehicles and infrastructure, education programs, and other petroleum reduction activities. The Virginia Clean Cities program is sponsored by the Department of Energy in accordance with the Energy Policy Act of 1992. This legislation’s express intent is to ensure national energy security by reducing dependence on imported petroleum products. The Clean Cities program was chartered to help achieve this objective by promoting alternative fuel use in the transportation sector.

“We are steadfast in our commitment to reducing carbon emissions and petroleum dependence in Virginia, and are thrilled to help individuals, municipalities and vehicle fleets test Arcimoto’s innovative family of rightsized EVs that have the potential to not only improve public health but our state economy as well,” said Alleyn Harned, Executive Director of Virginia Clean Cities. “We hope this pilot will serve as a meaningful step in making electric transportation more efficient, accessible, affordable, and fun.”

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About Arcimoto, Inc.
Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Our flagship vehicle, the Arcimoto FUV^®, is purpose-built for everyday driving and transforms ordinary trips into pure-electric joyrides. Launched in 2021, the all-new Arcimoto Roadster is designed to be the ultimate open-road fun machine and is the purest expression of the Arcimoto Platform. The Deliverator^® and Rapid Responder™ provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Expected to launch in 2022, the Flatbed represents Arcimoto’s vision of a pure-electric, rightsized utility pickup truck. The upcoming Cameo™ is designed to create a smooth, silent, sustainable camera vehicle for the film and influencer industries. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.

Safe Harbor / Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict and include, without limitation, our expectations as to vehicle deliveries, the establishment of our service and delivery network and our expected rate of production. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the SEC. In addition, such statements could be affected by risks and uncertainties related to, among other things: our ability to manage the distribution channels for our products, including our ability to successfully implement our rental strategy, direct to consumer distribution strategy and any additional distribution strategies we may deem appropriate; our ability to design, manufacture and market vehicle models within projected timeframes given that a vehicle consists of several thousand unique items and we can only go as fast as the slowest item; our inexperience to date in manufacturing vehicles at the high volumes that we anticipate; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; the number of reservations and cancellations for our vehicles and our ability to deliver on those reservations; unforeseen or recurring operational problems at our facility, or a catastrophic loss of our manufacturing facility; our dependence on our suppliers; changes in consumer demand for, and acceptance of, our products: changes in the competitive environment, including adoption of technologies and products that compete with our products; the overall strength and stability of general economic conditions and of the automotive industry more specifically; changes in laws or regulations governing our business and operations; costs and risks associated with potential litigation; and other risks described from time to time in periodic and current reports that we file with the SEC. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, we do not undertake any obligation to update any forward-looking statements.

Public Relations Contact:
Megan Kathman
(651) 785-3212
pr@arcimoto.com

Investor Relations Contact:
investor@arcimoto.com

Arcimoto Fleet Sales
Sam Fittipaldi
samf@arcimoto.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b9f330a4-e4f9-4cfc-89c7-275dd3e6ae8c

FAQ

What is the purpose of Arcimoto's joint pilot program with Virginia Clean Cities?

The program aims to test Arcimoto's electric vehicles to support Virginia's sustainable transportation goals.

When does the Arcimoto pilot program start in Virginia?

The pilot program begins on April 15.

Which models of Arcimoto vehicles are being tested in Virginia?

The Fun Utility Vehicle, Deliverator, and Flatbed models are being tested.

How does Arcimoto's electric vehicle fleet compare to gas-powered vehicles?

Arcimoto's fleet offers advantages like daily utility, lower total cost of ownership, and improved energy efficiency.

How could Arcimoto's pilot program impact its stock (FUV)?

Successful evaluation of its vehicles in the pilot program could enhance brand recognition and potentially positively impact stock performance.