Arcimoto Announces Next Phase of Strategic Restructuring

EUGENE, Ore., Oct. 20, 2022 (GLOBE NEWSWIRE) — Arcimoto, Inc.^® (NASDAQ: FUV), makers of rightsized, outrageously enjoyable, ultra-efficient electrical automobiles, introduced the following part of its strategic restructuring plan to rebuild the inspiration of the business and create a sustainable business mannequin. As half of the plan, Arcimoto decreased operations spend and commenced a workforce discount, which mixed are anticipated to cut back annual bills by roughly $20 million and place the Company for long-term monetary success.

“It’s the right plan to respond to the current economic conditions. We significantly reduced spending while the company continues to focus on building our vehicle order backlog for commercial and consumer customers. This plan allows us to scale the factory and deliver vehicles at a volume that better offsets our spend with greater revenue,” mentioned Jesse Fittipaldi, Arcimoto’s Interim CEO.

In basic, the Arcimoto restructuring plan contains 4 key actions to maximise worth:

1. Significantly improve the backlog of gross sales, specializing in shopper FUV, fleet Deliverator, and strategic leases.
2. Open car supply to new states.
3. Scale manufacturing to comply with swimsuit with the gross sales backlog.
4. Explore all strategic options out there to the Company to boost shareholder worth.

Arcimoto Expands Orders to Six New States and Washington D.C.

Arcimoto additionally introduced immediately that it’s now accepting car orders from clients in New York, New Jersey, Pennsylvania, Maryland, Virginia, Georgia, and Washington D.C., with first buyer deliveries anticipated to start in November.

This marks the biggest gross sales growth in Arcimoto historical past. Today, Arcimoto started reaching out to preorder clients in these areas with the chance to order an FUV. In celebration, Arcimoto additionally unveiled new restricted version printed vinyl designs that add much more enjoyable to the FUV. To design and reserve your FUV, please go to Design.arcimoto.com.

In addition to those new states, Arcimoto automobiles are at present out there in California, Oregon, Washington, Nevada, Arizona, and Florida. Vehicle reservations are open in Hawai’i, with first deliveries slated to start in Q1 2023. Customers outdoors of these states can place a $100 refundable preorder to be the primary to know when Arcimoto opens of their area.

“We are thrilled to introduce Arcimoto to some of the top EV markets in the country, home to many of the most beautiful places to FUV,” mentioned Arcimoto Chief Experience Officer Lynn Yeager. “We’ve had the incredible pleasure to FUV through cities like Manhattan, D.C., and Savannah and we can’t wait for our customers to have the opportunity to experience these epic rides for themselves. To all of our longtime pre-order customers, thank you so much for your patience.”

Arcimoto Consumer Financing Promo For November, 1.99% APR

Arcimoto’s finance associate FreedomRoad Financial will probably be extending the particular 1.99% APR* financing for as much as 36 months to certified clients till November thirtieth. Affordable financing choices are key to Arcimoto’s progress and driving car gross sales. Interested clients can go to Arcimoto.com/finance to maneuver ahead.

*APR = Annual Percentage Rate. This finance promo is for brand spanking new, untitled 2022 Arcimoto fashions solely. Financing supply out there via FreedomRoad Financial (FRF), a mortgage manufacturing workplace of Evergreen Bank Group, Member FDIC. Annual Percentage Rate (APR) of 1.99% for 36-month time period and $0 down fee supply is offered to certified candidates solely. Sample month-to-month mortgage fee on mortgage quantity $10,000.00 for 36 months at 1.99% could be funds of $286.38 per 30 days. Not all consumers will qualify and if authorized could obtain a better charge, relying on credit score rating. Where zero down {dollars} is indicated, it’s out there for well-qualified candidates with authorized credit score. Some consumers would require a down fee with the intention to obtain credit score approval. Subject to mannequin availability and seller participation. Subject to credit score approval by FRF. Financing supply can change or terminate at any time with out prior discover. Offer legitimate October 1 to November 30, 2022. Finance supply legitimate via Arcimoto. Please contact our Customer Experience Team for all program particulars.

For the most recent firm updates, take a look at our Q2 Stakeholder Webinar. Follow Arcimoto on YouTube, Facebook, Instagram, Twitter, TikTok, and LinkedIn. Investor details about the corporate, together with press releases, stakeholder webcast replays, and extra may be discovered at http://arcimoto.com/ir.

No Offer or Solicitation

This press launch doesn’t represent a proposal to promote or the solicitation of a proposal to purchase securities, nor will there be any sale of securities in any state or jurisdiction during which such supply, solicitation or sale could be illegal previous to registration or qualification below the securities legal guidelines of any such jurisdiction.

About Arcimoto, Inc.
Arcimoto is a pioneer within the design and manufacture of rightsized, ultra-efficient, extremely enjoyable electrical automobiles for on a regular basis mobility. Built on the revolutionary three-wheel Arcimoto Platform, our automobiles are purpose-built for every day driving and native supply, all at a fraction of the fee and environmental influence of conventional gas-powered automobiles. Based in Eugene, Oregon, the Arcimoto crew is devoted to creating world-class EVs that make the world a greater place. For extra info, please go to Arcimoto.com.

Safe Harbor / Forward-Looking Statements
Except for historic info, all of the statements, expectations, and assumptions contained on this press launch are forward-looking statements. Forward-looking statements embrace, however aren’t restricted to, statements that categorical our intentions, beliefs, expectations, methods, predictions or another statements referring to our future actions or different future occasions or situations. These statements are primarily based on present expectations, estimates and projections about our business primarily based, partly, on assumptions made by administration. These statements aren’t ensures of future efficiency and contain dangers, uncertainties and assumptions which might be troublesome to foretell and embrace, with out limitation, our expectations as to car deliveries, the institution of our service and supply community and our anticipated charge of manufacturing. Therefore, precise outcomes and outcomes could, and are more likely to, differ materially from what’s expressed or forecasted within the forward-looking statements on account of quite a few components mentioned sometimes in paperwork which we file with the SEC. In addition, such statements might be affected by dangers and uncertainties associated to, amongst different issues: our capability to handle the distribution channels for our merchandise, together with our capability to efficiently implement our rental technique, direct to shopper distribution technique and any further distribution methods we could deem acceptable; our capability to design, manufacture and market car fashions inside projected timeframes given {that a} car consists of a number of thousand distinctive objects and we will solely go as quick because the slowest merchandise; our inexperience so far in manufacturing automobiles on the excessive volumes that we anticipate; our capability to take care of high quality management over our automobiles and keep away from materials car recollects; the quantity of reservations and cancellations for our automobiles and our capability to ship on these reservations; unexpected or recurring operational issues at our facility, or a catastrophic loss of our manufacturing facility; our dependence on our suppliers; modifications in shopper demand for, and acceptance of, our merchandise: modifications within the aggressive atmosphere, together with adoption of applied sciences and merchandise that compete with our merchandise; the general energy and stability of basic financial situations and of the automotive business extra particularly; modifications in legal guidelines or rules governing our business and operations; prices and dangers related to potential litigation; and different dangers described sometimes in periodic and present experiences that we file with the SEC. Any forward-looking statements communicate solely as of the date on which they’re made, and besides as could also be required below relevant securities legal guidelines, we don’t undertake any obligation to replace any forward-looking statements.

Public Relations Contact:
Megan Kathman
(651) 785-3212
[email protected]

Investor Relations Contact:
[email protected]

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