Arcimoto Announces Fourth Quarter 2022 Vehicle Production & Deliveries
24 January 2023 - 1:00AM
Arcimoto, Inc.® (NASDAQ: FUV), makers of rightsized, outrageously
fun, ultra-efficient electric vehicles, today announced that it
delivered 89 customer vehicles in Q4 2022, its most successful
quarter yet. This represents a 20 percent increase over the 73
customer vehicles delivered in Q3 2022. For the year, Arcimoto
delivered 228 customer vehicles, which increased the total number
of Arcimoto vehicles on the road to more than 500. This comes
despite ongoing supply chain issues and funding concerns, which
Arcimoto partly addressed with the closing of a $12 million public
offering on Jan. 20.
Arcimoto also introduced the FUV to a record-high number of new
drivers with more than 5,000 demo rides over the course of 2022
through a combination of industry events, private demo drives, and
customer rentals.
“2022 gives confidence to the Team that with our learned sales
KPIs, we can better understand how to appropriately scale marketing
and production efforts to achieve profitability,” said Jesse
Fittipaldi, Arcimoto Interim CEO. “The fresh financial raise and
the proven reasonable marketing effort to sell our product gives
the team the fortitude to step into 2023 with practical confidence.
We will increase our efforts to build the sales backlog and cost
down our products knowing the plan is capital efficient and success
is plausible.”
For the latest company updates, check out our Q3 Stakeholder
Webinar. 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.
About Arcimoto, Inc.Arcimoto is a pioneer in
the design and manufacture of rightsized, ultra-efficient,
incredibly fun electric vehicles for everyday mobility. Built on
the revolutionary three-wheel Arcimoto Platform, our vehicles are
purpose-built for daily driving and local delivery, all at a
fraction of the cost and environmental impact of traditional
gas-powered vehicles. Based in Eugene, Oregon, the Arcimoto team is
dedicated to creating world-class EVs that make the world a better
place. For more information, please visit Arcimoto.com.
Safe Harbor / Forward-Looking StatementsExcept
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 and include, without limitation, our
expectations as to vehicle deliveries, the establishment of our
service and delivery network and our expected rate of production.
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 manage the
distribution channels for our products, including our ability to
successfully implement our rental strategy, direct to consumer
distribution strategy and any additional distribution strategies we
may deem appropriate; our ability to design, manufacture and market
vehicle models within projected timeframes given that a vehicle
consists of several thousand unique items and we can only go as
fast as the slowest item; our inexperience to date in manufacturing
vehicles at the high volumes that we anticipate; our ability to
maintain quality control over our vehicles and avoid material
vehicle recalls; the number of reservations and cancellations for
our vehicles and our ability to deliver on those reservations;
unforeseen or recurring operational problems at our facility, or a
catastrophic loss of our manufacturing facility; our dependence on
our suppliers; 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;
changes in laws or regulations governing our business and
operations; costs and risks associated with potential litigation;
and other risks described from time to time in periodic and current
reports that we file with the SEC. 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.
Public Relations Contact:pr@arcimoto.com
Investor Relations
Contact:investor@arcimoto.com
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