Arcimoto Releases Q3 2021 Stakeholder Update
Arcimoto, Inc. (NASDAQ: FUV) announces a successful Q3 with record vehicle deliveries of 64 customer vehicles and a total production of 78 vehicles. CEO Mark Frohnmayer highlighted the expanding rental market, the introduction of the Arcimoto Flatbed, and the ongoing Ride Of The Arconauts roadshow. The company also targets Q4 for submitting its ATVM loan application to the US Department of Energy and reports progress on cost-reduction initiatives. The launch of rental operations in San Diego and Eugene is aiding data collection for optimization.
- Record vehicle deliveries of 64 customer vehicles in Q3.
- First full quarter of successful Arcimoto-owned rental operations.
- Significant progress on cost-down programs for vehicle subsystems.
- Launch of the Ride Of The Arconauts roadshow.
- Positive reception of Flatbed pilot vehicles.
- None.
CEO and Founder Mark Frohnmayer discusses Q3 progress, including record vehicle deliveries, Arcimoto's expanding rental market, the new Flatbed, the progress of the ATVM loan application, and the launch of the Ride Of The Arconauts, an ongoing roadshow designed to introduce the Arcimoto family of rightsized EVs to the world.
EUGENE, Ore., Oct. 13, 2021 (GLOBE NEWSWIRE) -- Arcimoto, Inc.® (NASDAQ: FUV), makers of fun, affordable, and ultra-efficient electric vehicles for everyday drivers and fleets, released its Q3 Stakeholder Update, in which CEO and Founder Mark Frohnmayer discusses record vehicle deliveries, Arcimoto's expanding rental market, the new Flatbed, the progress of the ATVM loan application, and the launch of the Ride Of The Arconauts, an ongoing roadshow designed to introduce the Arcimoto family of rightsized EVs to the world.
Q3 highlights include:
- Record vehicle deliveries: Arcimoto sold through a record 64 customer vehicles, and produced a total of 78 vehicles. Final production numbers will be reported in Arcimoto’s Q3 SEC filings.
- ATVM Loan Application: Final draft ATVM loans application targeted for submission to the US Department of Energy in Q4.
- Project Prism: Arcimoto made significant progress on defining cost-down programs for all subsystems of both the platform as a whole and individual vehicle models.
- Rental and Rideshare: Q3 was the first full quarter of Arcimoto-owned rental operations in both San Diego and Eugene, and Arcimoto continues to gather useful data to optimize the rental model.
- West Coast Doors: First production doors have been installed on the FUV of an early Evergreen customer, with more installations scheduled for Q4 and beyond.
- Arcimoto Flatbed: First pilot vehicles were very well-received after use in the field with local Eugene businesses.
- The Ride of the Arconauts: announced new ongoing roadshow designed to introduce the Arcimoto family of rightsized EVs to the world. The Ride of the Arconauts launches Saturday at Thunderhill Raceway in Willows, Calif. Sign up to receive notifications when the Arconauts will be riding through your area.
For the latest company updates, 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 (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
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/92a12274-57fa-45d6-9ff3-5f6b86ffd670
FAQ
What were Arcimoto's vehicle delivery numbers in Q3 2021?
What is the status of Arcimoto's ATVM loan application?
What new product did Arcimoto introduce in Q3 2021?
What is the Ride Of The Arconauts event?
How did Arcimoto's rental operations perform in Q3 2021?
