Arcimoto Vehicles Reclassified as Autocycles in the State Of Maryland

Rhea-AI Summary

Maryland's Clean Cars Act of 2022 has been signed into law, renewing EV tax credits and allowing three-wheeled autocycles to be operated without a motorcycle endorsement. Effective July 1, 2023, the act provides up to $2,000 in excise tax credits for eligible zero-emission vehicles, including autocycles, until June 30, 2027. The program represents a $40 million investment over four years, promoting electric vehicle accessibility to help address climate change. Arcimoto, Inc. (NASDAQ: FUV) is set to expand its market presence in Maryland as vehicle sales commence.

Positive

• Renewal of EV tax credits enhances market potential for Arcimoto vehicles.
• Up to $2,000 tax credit per vehicle improves affordability for consumers.
• Significant $40 million investment in EV incentives boosts electric vehicle market.

Negative

• None.

Maryland passes Clean Cars Act of 2022, renewing EV tax credits and allowing three-wheeled autocycles to be operated without a motorcycle license.

EUGENE, Ore., April 22, 2022 (GLOBE NEWSWIRE) -- Arcimoto, Inc.^® (NASDAQ: FUV), makers of rightsized, outrageously fun, ultra-efficient electric vehicles for moving people and stuff, today announced that drivers of Arcimoto Fun Utility Vehicles in Maryland will no longer need to have a motorcycle endorsement under legislation signed by Governor Larry Hogan. The bill, HB 1391, the Clean Cars Act of 2022, sponsored by Delegate David Fraser-Hidalgo, brings Maryland in line with other states that do not require a motorcycle license or helmet to operate an autocycle such as those built by Arcimoto.

The Clean Cars Act of 2022 renews and expands Maryland's electric-vehicle excise tax credits for zero-emission vehicles, including adding a benefit for three-wheeled motorcycles or autocycles, which will be eligible for up to $2,000, or the maximum excise tax paid, whichever is lower. The excise tax credits will begin on July 1, 2023, and run through June 30, 2027. The credit is limited to one vehicle per individual and 10 vehicles per business entity.

"Addressing climate change is important to us here in Maryland, to protect both our people and our natural areas, and transportation is one of the largest contributors to greenhouse gas emissions in our state,” said Delegate Fraser-Hidalgo. “I was disappointed that our prior EV tax credit program lapsed during COVID, and I'm thrilled to have helped bring it back, to support the necessary transition to a majority-electric transportation system. Best of all, this bill is a $40 million dollar investment, over four years, which is more than we have ever dedicated to this program in the past, and it will help make many types of electric vehicles more affordable to Maryland buyers. HB 1391 also revised the definition of ‘autocycle’ to be more flexible and inclusive about steering technology, because we want to be as welcoming as possible to a wide range of zero-emissions vehicles, as long as they meet necessary safety standards.”

“Making zero-emission transportation more affordable and accessible for all is critical to increasing EV adoption and fighting global warming, and we applaud Delegate Fraser-Hidalgo and the State of Maryland for tackling these issues head on in the Clean Cars Act of 2022,” said Mark Frohnmayer, Founder and CEO of Arcimoto.

Arcimoto vehicles are currently available in Arizona, California, Florida, Nevada, Oregon, and Washington. As soon as sales are ready to begin in Maryland, Arcimoto will reach out to preorder customers there to complete their vehicle reservations. You can save your spot in line by placing a $100 refundable preorder at Arcimoto.com/order.

For the latest company update, check out our Full Year 2021 Stakeholder Webinar. 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, local delivery, and emergency response, 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:
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/842d6260-e888-4d80-864d-5d0899398ba8

FAQ

What is the Clean Cars Act of 2022 signed in Maryland for FUV?

The Clean Cars Act of 2022 renews EV tax credits and allows three-wheeled autocycles to operate without a motorcycle endorsement.

When will the EV tax credits from the Clean Cars Act start for FUV?

The tax credits will begin on July 1, 2023, and will run through June 30, 2027.

How much can consumers save with the new EV tax credits for FUV?

Consumers can receive up to $2,000 in excise tax credits for eligible zero-emission vehicles.

What does the Clean Cars Act of 2022 mean for Arcimoto (FUV) sales?

The act allows Arcimoto to expand its sales in Maryland, making their vehicles more accessible to consumers.