Arcimoto shuts down factory, stock plunges as it warns of bankruptcy

[flowerlandfilms]

The big advantage of the FUV versus a moto Is space and comfort. The Arcimoto is a lot easier to drive than a motorcycle too.

It’s more like a tandem smartcar than a motorcycle. You also have a roof so when it’s raining it’s not completely exposed.

Part of the fun of a bike is not giving a shit about those things.
But I see the appeal for an adventurous grandma.

 

[Ogre]

Part of the fun of a bike is not giving a shit about those things.
But I see the appeal for an adventurous grandma.

Most people just want a way to get from one place to the other.

The big problem with the Arcimoto was the fact that it costs $15k+ when it’s real competitors are scooters and ebikes which cost $2,000.

 

[Cyberman]

Not so shocked.

Little market for expensive EV toys at literally the worst of economic times in a decade for development and production of such. ?‍

Aptera will be next! ?

Hey man, don't be basin' on Aptera, at least it doesn't look like it was designed for adventurous grandmas only! (Sorry, couldn't help but steal that line) Apteras are sexy. And you might never need to plug it in. ?

 

[Cyberman]

The big advantage of the FUV versus a moto Is space and comfort. The Arcimoto is a lot easier to drive than a motorcycle too.

It’s more like a tandem smartcar than a motorcycle. You also have a roof so when it’s raining it’s not completely exposed.

Roof? That is a great idea. That way, I'll only be 99-1/2% soaked when I get there.

 

[Ogre]

Roof? That is a great idea. That way, I'll only be 99-1/2% soaked when I get there.

Arcimoto HQ is in Eugene. They’ve done videos driving around in the rain. You get a lot less wet than on a motorcycle or scooter.

 

[Cyberman]

Arcimoto shuts down factory, stock plunges as it warns of bankruptcy

January 18, 2023

Credit: Arcimoto

Electric vehicle (EV) maker Arcimoto announced on Wednesday it has shut down production at its factory in Oregon, saying that they are nearly out of money. To help try and keep them afloat the company said in a regulatory filing it was moving to sell additional shares and that they may have to enter bankruptcy protection.

According to the regulatory filing Arcimoto (FUV) is selling $12 million in additional shares at $3 each, a figure that was less than half of the company’s trading value at the close of markets on Tuesday. The company added however that it would still need “substantial” additional funding, warning that it may not be available “on acceptable terms.”

As a result the stock plunged more than 50% and is currently hovering around $2.50 per share.


Arcimoto makes a three-wheel electric vehicle (EV) it calls the Fun Utility Vehicle (FUV) at its facility in Eugene, Oregon which opened early last year in the midst of the pandemic. Due to its limited mass-market appeal the company has struggled to increase sales, delivering just 115 FUVs to customers over the last six months, and making only 252 during that same time period.

The company attempted to expand the market for the FUV to first responders, creating a prototype ‘Rapid Responder’ that was intended for use by police, fire departments, campus security teams and others. It also created the ‘Deliverator’ aimed at last and local mile deliveries.

Arcimoto recently had a valuation of more than $1 billion. After Wednesday’s announcement that value has plunged to around $6.5 million.

As a professional market analyst since the mid eighties, I've made a quick analysis of the errors with this product. The factories, both in Oregon and San Diego, should've been opened in the Philippines, Vietnam and/or Thailand. When you study worldwide transpo, you'll realize these countries are a perfect fit for this type of vehicle. WAY lower production costs, and they'd be selling all they could make for decades to come. Most taxis in the Philippines are motorcycles, these markets are primed for a change like this.
Your welks Arcimoto, although the publicity from the bankruptcy news might inject enough vigor in the company to make it solvent all on its own. But an overseas factory would probably cut the price to around $7,500, they'd be selling like hotcakes.
Conclusion: good product, for a different market.

 

[Cyberman]

Arcimoto HQ is in Eugene. They’ve done videos driving around in the rain. You get a lot less wet than on a motorcycle or scooter.

Not the way I drive...

 

[charliemagpie]

Was it a prominent Youtuber who said he sold his Tesla shares to buy Arcimoto stock ?

 

[android04]

Well, it looks like Aptera will be including DC Fast Charging on their Launch Edition vehicles after all! 40-60kW (will depend on testing and validation), so that is something good that it will have that Arcimoto didn't

 

[Newton]

I used to see one around town,interesting looking...but very niche imo. basically seemed to be a 2 seater modern golf cart

 

[Cyberman]

I used to see one around town,interesting looking...but very niche imo. basically seemed to be a 2 seater modern golf cart

I agree, kind of nichey, but an important part of the new lineup of electric vehicles. It's going to fit some people like a glove. I think they're going to sell all they can make for a decade or more, or at least until the Chinese notice it and clone 'em. It's kinda what they do.