EUGENE, Ore.--(BUSINESS WIRE)--Arcimoto, Inc.® (NASDAQ: FUV) — makers of the Fun Utility Vehicle® (FUV) — an affordable, joyful, pure electric vehicle for everyday drivers and fleets, announced that it has completed first drives of its 15-unit FUV Beta Series, and today will begin manufacturing its new 25-unit Pilot Series.
The Company expects that the Beta fleet will be used primarily as rental vehicles. Five are planned for use at an Arcimoto rental location, expected to open in the fourth quarter in Eugene, Oregon. Five are planned for use as rentals by the Company’s partner, HulaCar in San Diego. The final five FUVs have been purchased by Arcimoto Pioneers, a group of key, early pre-order customers.
The Pilot Series, now in production, marks the transition to semi-automated manufacture of all custom frame and chassis components completely in-house at the Arcimoto Manufacturing Plant. These vehicles represent the final production series of the FUV before Retail Series production begins, expected by the end of 2018.
“On-roading the Beta Series is a huge step forward for Arcimoto. Our pace of production has improved between the Signature and Beta Series, from more than a year for the ten Signatures to just over a quarter for the first drives of fifteen Betas. We expect a similar increase in pace with the Pilot Series,” said Mark Frohnmayer, President and Founder. “With each FUV we build, we learn invaluable lessons on how to refine and streamline our manufacturing process as we march toward Retail Series production, expected later this year. The starting line is in sight, and we couldn’t be more amped.”
About Arcimoto, Inc.
Headquartered and manufactured in Eugene, Oregon, Arcimoto, Inc. (NASDAQ: FUV) is devising new technologies and patterns of mobility that together raise the bar for environmental efficiency, footprint and affordability. Available for pre-order today, Arcimoto’s Fun Utility Vehicle is one of the lightest, most affordable, and most appropriate electric vehicles suitable for the daily driver. For more information please visit www.arcimoto.com.
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Except 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. 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 effectively execute on our developing growth strategy; our ability to design, manufacture and market vehicle models cost effectively and within projected timeframes; the number of reservations and cancellations for our vehicles and the ability to deliver on those reservations; our ability to manage the distribution channels for our products, including our ability to successfully implement our direct to consumer distribution strategy and any additional distribution strategies we may deem appropriate; changes in consumer demand for, and acceptance of, our products; our reliance on key personnel; 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; fluctuations in our financial results; and changes in laws or regulations governing our business and operations. 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.
