Arcimoto Appoints Chris Dawson as Chief Executive Officer

Rhea-AI Summary

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.

Positive

• Appointment of Christopher W. Dawson as CEO expected to accelerate growth.
• Dawson's extensive experience in the electric vehicle sector enhances leadership.
• Dawson's immediate focus on strategic partnerships and capital formation.

Negative

• Departure of Doug Campoli as CFO may create uncertainty in financial leadership.
• Transition to a new leadership team could affect operational continuity.

Dawson’s appointment ushers in changes to the executive team to accelerate growth

EUGENE, Ore., April 20, 2023 (GLOBE NEWSWIRE) -- Arcimoto, Inc.® (NASDAQ: FUV), makers of rightsized, ultra-efficient electric vehicles for moving people and stuff, today announced that Christopher W. Dawson has been appointed to the role of Chief Executive Officer effective immediately.  Mr. Dawson joined the Company’s Board in August of 2022 and will continue to serve as a director. Jesse Fittipaldi, who had served as Interim Chief Executive Officer, has been named President, reporting directly to Mr. Dawson. Dwayne Lum who has served as Chief Product Officer will be assuming the role of COO and Terry Becker who serves as a Board Director will head up the Tilting Motor Works Division and TRiO product family.  Doug Campoli who had served as CFO left the company April 14th.

Mr. Dawson has extensive experience in the electric vehicle (EV) space, having been working on the development of EVs for on-road, off-road and the battlefield for the last 10 years.  He is a former U.S. Navy submarine nuclear chemist and helicopter flight instructor. He holds an MBA from University of Denver, a BS in Nuclear Technologies from Excelsior College and a certification in Helicopter Flight Instruction from Aims Community College.

“Chris is the right leader for Arcimoto,” said Arcimoto Founder and Chairman Mark Frohnmayer. “He brings a wealth of electric vehicle manufacturing and business expertise to the company, from the pivotal roles he played during the scale up of the Model 3 to his proven track record of delivering on commercial and government vehicle contracts. I’ve had the pleasure of witnessing his no-nonsense, roll up the sleeves style, and appreciated his intentional approach since his appointment to the board of directors last summer. His extensive experience and laser focus on efficiency is essential in accelerating Arcimoto’s next phase of growth.”

“I stand ready to lead Arcimoto at a time when I believe it is primed for liftoff,” said Chris Dawson, Chief Executive Officer, Arcimoto. “It is abundantly clear that the future demands right sized electric mobility and Arcimoto has the leading platform in this space. My immediate focus will be on accelerating strategic partnerships, capital formation for scale, and the continued refinement and growth of our sales efforts. My time on the board allows me to hit the ground running and I look forward to working alongside Jesse, Dwayne, and the rest of Arcimoto’s leadership team to unlock this venture’s true potential.”

Mr. Dawson most recently served as the Chief Executive Officer of Nikola Tesla Co., an engineering services company with projects that include electrification, hybridization, EV charging, hydrogen powertrain development, hydrogen powered VTOL, hydrogen power systems, fuel cell and hydrogen electrolyzer development. He served as the Chief Technology Officer for two other companies, HNO international and Tesla Aerial Robotics, as well as Chief Engineer on various U.S. Department of Defense projects. Mr. Dawson was an initial investor in Atlis Motor Vehicles in 2019, and subsequently led Research and Development, Engineering, and Product Development as Vice President of Manufacturing Engineering in 2020-21 for the XT Truck, XP Platforms, and AMV Battery Cell. Mr. Dawson started at Tesla in 2012 as a contractor and came on full time in 2014. During the subsequent five years he held positions of increasingly progressive responsibility, culminating as Senior Manufacturing Engineer and Maintenance Manager. In these roles, Mr. Dawson led manufacturing and sustaining engineering teams for Tesla on battery production, the Model S/X line and Model 3 general assembly.  

Follow Arcimoto on YouTube, Facebook, Instagram, Twitter, TikTok, and LinkedIn. Investor information about the company, including press releases, stakeholder webcast replays, and more can be found at http://arcimoto.com/ir.

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, our 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.

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:
pr@arcimoto.com

Investor Relations Contact:
investor@arcimoto.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3dd150b0-29af-40ac-8336-33e0f1509e39

FAQ

What prompted the change in leadership at Arcimoto?

The leadership change, including the appointment of Christopher W. Dawson as CEO, is aimed at accelerating growth within the company.

What is Christopher W. Dawson's experience relevant to his new role?

Dawson has over a decade of experience in the electric vehicle industry, including significant roles at Tesla and other companies focused on EV technology.

How might this leadership change impact Arcimoto's stock (FUV)?

The shift in leadership could lead to improved strategic direction and partnerships, potentially enhancing investor confidence and impacting stock performance.

What roles did Jesse Fittipaldi and Doug Campoli transition to or leave?

Jesse Fittipaldi was named President after serving as Interim CEO, while Doug Campoli left the company on April 14th.