Benzinga | Mar 24, 2021 09:02AM EDT

Arcimoto Completes Due Diligence On New Manufacturing Plant; Says Targeting 50K Vehicles/Yr In New Facility

The Company is targeting production capacity of 50,000 vehicles per year in the new facility, codenamed "rAMP," once it is fully operational.

Arcimoto, Inc.(r) (NASDAQ:FUV), makers of affordable, ultra-efficient, and joyful pure electric vehicles for everyday driving, today announced that is has completed due diligence on a new manufacturing plant in Eugene, OR, after assessing the potential for the facility to produce at a rate of 50,000 vehicles per year at full capacity. The Company has deposited earnest money toward the transaction and is expecting the purchase to close on April 19, 2021.

"The facility due diligence phase for Arcimoto's first OEM-scale factory purchase is complete," said Arcimoto Chief Strategy Officer, Jesse Fittipaldi. "We assembled a stellar construction consulting team to understand the potential of this new site. During the diligence phase we completed environmental inspections, city zone validation, and various production concepts. We've also expanded the purchase agreement to include additional parcels to the south in order to facilitate movement of material on and off site. This additional property expands the rAMP footprint to more than 200,000 square feet across 10 acres."

Fittipaldi continued, "We now move forward to the design phase and contractor selection. The facility needs relatively simple upgrades to begin operations, which means we can spend less time on construction and more time on building out the assembly and manufacturing lines. I can't wait to cut the ribbon on the rAMP."

"This is a significant milestone on the path to mass production and the realization of Arcimoto's mission," said Mark Frohnmayer, Arcimoto's Founder and CEO. "We look forward to sharing our vision of the road ahead with our stakeholders during our webinar next week."