Arcimoto is back from the dead, with the company announcing this week it will be restarting production at its factory in Eugene, Oregon in March. The factory was shut down in January after announcing in a regulatory filing it was teetering on the brink of bankruptcy.
According to a press release issued by the company on Tuesday, 2023 production and deliveries of their FUV (Fun Utility Vehicle) and Deliverator three-wheeled electric vehicles (EVs) will begin next month. Interestingly the press release makes no mention of the factory shutdown and provides no update on the company’s financial standing. In last month’s regulatory filing Arcimoto said it was selling $12 million in additional shares at $3 each, adding it would still need “substantial” additional funding which may not be available “on acceptable terms.”
While they appear to have found additional funding, the company will focus on lowering production costs this year.
“As we begin first deliveries in 2023, we continue to focus on improving vehicle drive quality, manufacturing cost down efforts and increasing our brand reach to grow both our consumer and commercial sales volume. Our efforts will be directed at driving sales of FUV and Deliverator and lowering manufacturing costs on these products this year,” said Jesse Fittipaldi, Arcimoto Interim CEO.
Customers taking delivery in 2023 can expect to see their FUV or Deliverator come with a new steering system that will “deliver improved handling and maneuverability at all speeds while reducing steering effort by more than 40% from prior models.” Customers that already have an Arcimoto EV can upgrade their steering system “for a small fee,” according to Dwayne Lum, Arcimoto Chief Product Officer.
Arcimoto delivered 89 vehicles in Q4 2022, bringing their annual total to 228 and the total number of Arcimoto EVs delivered to date to more than 500.
