Arcimoto Reports Second Quarter 2019 Financial Results and Provides Corporate Update
Arcimoto, Inc. (NASDAQ: FUV), makers of the Fun Utility Vehicle (FUV), Rapid Responder, and Deliverator — affordable, practical, and joyful pure electric vehicles for everyday commuters and fleets — today provided a corporate update and announced financial results for the second quarter ended June 30, 2019.
The Company will be broadcasting a company update video as part of the webcast. The video can be viewed at this YouTube link.
- Successfully proved out assembly line pre-production process builds in anticipation of production of first retail FUV Evergreen Editions.
- FUV pre-orders increased to 4,128 units as of June 30, 2019, as compared to 3,217 units as of December 31, 2018, and 2,800 units as of June 30, 2018
- Teamed with GoCar Tours to develop a next-gen fleet of FUVs for GPS-guided tours in San Francisco
- Announced collaboration with Sol Mar Vida to deploy first international rental fleet of 100 FUVs to Costa Rica for beachside tourist rentals
- The FUV was showcased at several industry and investor events, including participation at the Wall Street Journal “Future of Everything” Festival in New York City and the 9th Annual LD Micro Invitational Investor Conference in Los Angeles
- Management provided keynote speeches at the Singularity University’s Exponential Manufacturing Summit in Thailand, as well as the Canaccord Genuity Future of Transport Conference.
“The second quarter of 2019 was marked by continued pre-production testing and fine tuning in advance of retail-series production of our Evergreen Edition Fun Utility Vehicle,” said Mark Frohnmayer, Founder and President of Arcimoto. “We continue to build key offtake partnerships, such as with GoCar Tours and Sol Mar Vida, to further grow demand for the FUV worldwide. We believe this strategy will efficiently build market awareness and address high-value commercial FUV applications, ranging from tourism leisure rentals to urban delivery.”
“Our 4,128 pre-orders and continued net pre-order growth stand as testaments to the strong market demand potential for the FUV, which we believe will help catalyze a fundamental shift in perception towards the rightsizing of the footprint of global mobility. We are ready to execute on the next leg of our growth, and are planning for the successful near-term launch of the FUV. We look forward to delivering upon a vision more than a decade in the making,” concluded Frohnmayer.