Arcimoto Completes Due Diligence On New Manufacturing Plant
Arcimoto, Inc. (NASDAQ: FUV) has completed due diligence for a new manufacturing plant in Eugene, OR, capable of producing 50,000 vehicles annually. The company has deposited earnest money and expects to finalize the purchase by April 19, 2021. The facility will undergo minor upgrades, enabling quicker operational readiness and focusing on assembly lines. CEO Mark Frohnmayer highlighted this milestone as crucial for mass production and the company’s mission in sustainable transportation.
- Completion of due diligence for a new manufacturing plant in Eugene, OR.
- Plant expected to produce 50,000 vehicles per year at full capacity.
- Minor upgrades needed, allowing faster operational readiness.
- None.
Arcimoto, Inc.® (NASDAQ: FUV), makers of affordable, ultra-efficient, and joyful pure electric vehicles for everyday driving, today announced that is has completed due diligence on a new manufacturing plant in Eugene, OR, after assessing the potential for the facility to produce at a rate of 50,000 vehicles per year at full capacity. The Company has deposited earnest money toward the transaction and is expecting the purchase to close on April 19, 2021.
“The facility due diligence phase for Arcimoto’s first OEM-scale factory purchase is complete,” said Arcimoto Chief Strategy Officer, Jesse Fittipaldi. “We assembled a stellar construction consulting team to understand the potential of this new site. During the diligence phase we completed environmental inspections, city zone validation, and various production concepts. We’ve also expanded the purchase agreement to include additional parcels to the south in order to facilitate movement of material on and off site. This additional property expands the rAMP footprint to more than 200,000 square feet across 10 acres.”
Fittipaldi continued, “We now move forward to the design phase and contractor selection. The facility needs relatively simple upgrades to begin operations, which means we can spend less time on construction and more time on building out the assembly and manufacturing lines. I can’t wait to cut the ribbon on the rAMP.”
“This is a significant milestone on the path to mass production and the realization of Arcimoto’s mission,” said Mark Frohnmayer, Arcimoto’s Founder and CEO. “We look forward to sharing our vision of the road ahead with our stakeholders during our webinar next week.”
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. Now available to preorder customers in California, Oregon, Washington, and Florida, the Arcimoto FUV® is purpose-built for everyday driving, transforming ordinary trips into pure-electric joyrides. Available for preorder, 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. Two additional concept prototypes built on the versatile Arcimoto platform are currently in development: the Cameo™, aimed at the film and influencer industry; and the Roadster, designed to be the ultimate on-road fun machine. 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.
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