Welcome to our dedicated page for Arcimoto news (Ticker: FUV), a resource for investors and traders seeking the latest updates and insights on Arcimoto stock.
Arcimoto, Inc. (NASDAQ: FUV), based in Eugene, Oregon, is a trailblazer in the design and manufacture of ultra-efficient electric vehicles aimed at everyday mobility. Founded in 2007, Arcimoto’s mission is to drive the shift towards sustainable transportation through innovative products and technology. The company’s name, meaning “future I drive,” reflects its commitment to eco-friendly mobility solutions.
The flagship model, the SRK, is a three-wheeled electric vehicle designed for practicality, safety, and affordability. It features tandem seating, a full enclosure, ample storage for groceries, dual-motor front-wheel drive, and a low center of gravity, all at an initial target base price of $11,900. The SRK is ideal for daily commuting and local travel, offering a fun and efficient alternative to traditional gas-powered vehicles.
Arcimoto continues to make significant strides in the electric vehicle sector. Recent milestones include a strategic partnership with MATBOCK to integrate American-made technologies into vehicles for government operations, enhancing tactical capabilities for the U.S. Department of Defense. Additionally, Arcimoto has partnered with Gwynndustries to create a versatile MUV (Multi-Utility Vehicle) equipped with custom features, highlighting the vehicle's adaptability for various commercial and industrial applications.
In a bid to revolutionize EV charging, Arcimoto has teamed up with MOBIUS to develop rapid charging technology, aiming to cut charging times down to ten minutes. This collaboration underscores Arcimoto’s commitment to pushing the boundaries of electric mobility by providing faster, more convenient charging solutions.
Financially, Arcimoto has demonstrated robust performance with a 17% increase in revenue in the second quarter of 2023. The company is strategically managing its assets, including the sale of its U.S. manufacturing facility with a leaseback option to optimize space usage and free up capital for future growth. Arcimoto’s innovative approach and strategic partnerships position it as a key player in the shift towards sustainable, efficient transportation.
On January 18, 2023, Arcimoto, Inc. (NASDAQ: FUV) announced a public offering of 4 million shares of common stock and accompanying warrants, priced at $3.00 per share. The offering aims to generate approximately $12 million in gross proceeds, before expenses. The warrants, with a five-year term and immediate exercisability at the same price, are expected to close around January 20, 2023, pending customary conditions. Proceeds will be used for general corporate purposes. This offering is registered under an effective shelf registration statement with the SEC.
Arcimoto, Inc. (NASDAQ: FUV) has announced plans to offer common stock and warrants in a public offering, aimed at raising capital for working capital and other corporate purposes. The offering will depend on market conditions, and there is no guarantee regarding its completion or terms. A.G.P./Alliance Global Partners will act as the placement agent. This offering is authorized under a shelf registration statement already filed with the SEC. The detailed terms will be outlined in a prospectus supplement available through the SEC's website.
Faction Technology, Inc. has launched driverless delivery services in the San Francisco Bay Area, partnering with Cocola Bakery. The service utilizes lightweight electric vehicles from Arcimoto (NASDAQ: FUV) and ElectraMeccanica (NASDAQ: SOLO), ensuring reliable deliveries. Faction employs its DriveLink® and TeleAssist® technologies to enhance safety and efficiency. The company aims to expand its delivery network and plans to introduce services for additional commercial customers at a cost under $2 per mile, reinforcing its goal of revolutionizing micro-logistics.
Arcimoto (NASDAQ: FUV) has partnered with Faction Technology and GoCar Tours to develop up to 310 driverless electric vehicles. The initial pilot of 20 vehicles will launch at GoCar Tours in Las Vegas in 2023, with potential expansions to San Francisco, San Diego, and Barcelona. This collaboration combines Arcimoto’s electric vehicle technology with Faction’s driverless systems and GoCar’s innovative tourism model, promising a unique and sustainable exploration experience for customers. The project aims to enhance the tourism sector while paving the way for everyday driverless transportation.
Arcimoto has expanded its electric vehicle rental program significantly, now offering FUVs in multiple locations: Las Vegas, Los Angeles, Morro Bay, Orlando, and Amelia Island. This initiative aims to provide eco-friendly rental options in popular tourist areas, enhancing exploration without the carbon footprint of traditional vehicles. The company's Chief Experience Officer expressed excitement for future expansions. This marks a notable effort to increase accessibility to sustainable transportation.
Arcimoto, Inc. (NASDAQ: FUV) announced a one-for-20 reverse stock split effective November 29, 2022. This move aims to comply with Nasdaq's minimum bid price requirement. Post-reverse split, approximately 2.6 million shares will be outstanding, down from about 51.2 million. All existing options and securities will be adjusted accordingly. The reverse split will not affect the authorized share count, but it will increase the total authorized shares from 100 million to 200 million. The new CUSIP number will be 039587209.
Arcimoto, Inc. (NASDAQ: FUV) reported its Q3 2022 financial results, showing a 35% increase in revenues to $2 million compared to $1.5 million in Q3 2021. The company produced a record 150 FUVs, reflecting a 47% rise from previous records. Customer deliveries reached 74 vehicles, with an average sales price of $22,428. However, net loss increased to approximately $17 million, or ($0.38) per share, up from $11.5 million in the prior year. The company had $4.2 million in cash and $27.6 million in total liabilities as of September 30, 2022.
Arcimoto, Inc. (NASDAQ: FUV) plans to launch a new experience center, Arcimoto Kaua’i, at the Royal Sonesta Kaua'i Resort in December. This eco-friendly rental service aims to cater to over 100,000 monthly visitors, offering electric vehicles for tourists and locals. The initiative aligns with Kaua’i's sustainability focus, addressing limited rental car availability. Arcimoto Kaua’i is the fourth center for the company, alongside locations in Honolulu, Eugene, and San Diego. Vehicle deliveries in Hawaii are expected to commence in Q1 2023.
Arcimoto, Inc. (NASDAQ: FUV) announced a Special Shareholder Meeting scheduled for November 11, 2022, at 9:00 a.m. PST. Shareholders of record as of October 2, 2022, are encouraged to participate either in person or online. The company aims to discuss key business decisions and updates. A proxy statement is available for shareholders who have already voted. The meeting will be accessible via webcast, and a replay will be available for 60 days afterward. For more information, visit the Arcimoto investor relations website.
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