Benzinga | Oct 13, 2021 02:17PM EDT

Arcimoto CEO Sends Q3 Shareholder Letter/Update

CEO and Founder Mark Frohnmayer discusses Q3 progress, including record vehicle deliveries, Arcimoto's expanding rental market, the new Flatbed, the progress of the ATVM loan application, and the launch of the Ride Of The Arconauts, an ongoing roadshow designed to introduce the Arcimoto family of rightsized EVs to the world.

EUGENE, Ore., Oct. 13, 2021 (GLOBE NEWSWIRE) -- Arcimoto, Inc.(r) (NASDAQ:FUV), makers of fun, affordable, and ultra-efficient electric vehicles for everyday drivers and fleets, released its Q3 Stakeholder Update, in which CEO and Founder Mark Frohnmayer discusses record vehicle deliveries, Arcimoto's expanding rental market, the new Flatbed, the progress of the ATVM loan application, and the launch of the Ride Of The Arconauts, an ongoing roadshow designed to introduce the Arcimoto family of rightsized EVs to the world.

Q3 highlights include:

* Record vehicle deliveries: Arcimoto sold through a record 64 customer vehicles, and produced a total of 78 vehicles. Final production numbers will be reported in Arcimoto's Q3 SEC filings.

* ATVM Loan Application: Final draft ATVM loans application targeted for submission to the US Department of Energy in Q4.

* Project Prism: Arcimoto made significant progress on defining cost-down programs for all subsystems of both the platform as a whole and individual vehicle models.

* Rental and Rideshare: Q3 was the first full quarter of Arcimoto-owned rental operations in both San Diego and Eugene, and Arcimoto continues to gather useful data to optimize the rental model.

* West Coast Doors: First production doors have been installed on the FUV of an early Evergreen customer, with more installations scheduled for Q4 and beyond.

* Arcimoto Flatbed: First pilot vehicles were very well-received after use in the field with local Eugene businesses.

* The Ride of the Arconauts: announced new ongoing roadshow designed to introduce the Arcimoto family of rightsized EVs to the world. The Ride of the Arconauts launches Saturday at Thunderhill Raceway in Willows, Calif. Sign up to receive notifications when the Arconauts will be riding through your area.

For the latest company updates, follow Arcimoto on YouTube, Facebook, Instagram, Twitter, TikTok, and LinkedIn. Investor information about the company, including press releases, stakeholder webcast replays, and more can be found at http://arcimoto.com/ir.