EUGENE, Ore.--(BUSINESS WIRE)--Arcimoto, Inc.® (NASDAQ: FUV) — makers of the Fun Utility Vehicle® (FUV®) — an affordable, practical, and thrilling pure electric vehicle for everyday commuters and fleets, has released its first corporate update video since listing on NASDAQ.
This update showcases both the Company’s accomplishments since its September 21, 2017 debut on NASDAQ, and how it is moving expeditiously towards significant vehicle production.
“We are on our way to meeting our plans for volume manufacture,” said Mark Frohnmayer, President and Founder of Arcimoto. “Our original plan called for the commencement of automated manufacture planning and execution within 12 months of closing our Regulation A offering. Due in part to the support we received in that offering, we were able to start this phase quickly after closing.”
In its offering circular, Arcimoto estimated that building up a high-volume Phase 2 manufacturing facility would take 12 months from Phase 2 commencement to reach capacity, as the supply chain and automated manufacturing equipment were established. With the tube and sheet metal laser and tube bender equipment in place, and robotic welders and other operational equipment on the way, Arcimoto should be poised to boot up full serial production on the timeline contemplated in its offering circular.
“We encourage Arcimoto supporters to check out our AMP Update and see firsthand the progress our team is making,” said Arcimoto Founder and President Mark Frohnmayer. “We are committed to creating a world-class production facility, capable of manufacturing reliable, high-quality, and affordable electric vehicles for the masses, and we are pleased to report that we are on-plan in meeting that commitment.”
Arcimoto’s presence will be felt at the press days of the upcoming New York International Auto Show on March 28-29, 2018 at the Jacob Javits Convention Center in New York City, and the NASDAQ Closing Bell Ceremony on Tuesday, April 3 at 4:00 p.m. EDT at the NASDAQ MarketSite in New York City.
Headquartered and manufactured in Eugene, Oregon, Arcimoto, Inc. (NASDAQ: FUV) is devising new technologies and patterns of mobility that together raise the bar for environmental efficiency, footprint and affordability. Available for pre-order today with a target base model purchase price of approximately $11,900, Arcimoto’s Fun Utility Vehicle is one of the lightest, most affordable and performance-packed electric vehicles suitable for the daily driver. For more information please visit www.arcimoto.com.
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. 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 effectively execute on our growth strategy; our ability to design, manufacture and market vehicle models within projected timeframes; the number of reservations and cancellations for our vehicles and the ability to deliver on those reservations; our reliance on key personnel; our ability to manage the distribution channels for our products, including our ability to successfully implement our direct to consumer distribution strategy and any additional distribution strategies we may deem appropriate; 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; and changes in laws or regulations governing our business and operations. 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.