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Electric car-maker Arcimoto stops production, posts stock offering for funds

ArcimotoLine_Feb2022_BBull.JPG
Brian Bull
/
KLCC
Fun Utility Vehicles (FUV) on the Arcimoto assembly line in Eugene, Feb. 2022.

The Eugene-based electric car manufacturer, Arcimoto. The company has also posted a stock offering through Friday to raise money.

In its January 17 filing with the U.S. Securities and Exchange Commission, Arcimoto says it’s halted production of its trademark Fun Utility Vehicles and will require -quote- “substantial additional funding” to resume production.

Arcimoto has also put up several million shares of its common stock with the aim of raising $12 million. The offer closes sometime Friday, with the disclaimer that industry changes, competition, and Arcimoto’s ability to obtain working capital financing could affect stock resale value.

In a release, the company says the net proceeds will “fund working capital and other general corporate purposes.”

It’s a dramatic about-face for the company, which opened a new 250,000 sq.ft. production space in February 2022.

The Portland Business Journal notes that Arcimoto lost $17 million in the quarter ending September 30th.

©2023, KLCC.

Brian Bull joined the KLCC News Team in June 2016. In his 25+ years as a public media journalist, he's worked at NPR, Twin Cities Public Television, South Dakota Public Broadcasting, Wisconsin Public Radio, and ideastream in Cleveland. His reporting has netted dozens of accolades, including four national Edward R. Murrow Awards (19 regional), the Ohio Associated Press' Best Reporter Award, Best Radio Reporter from the Native American Journalists Association, and the PRNDI/NEFE Award for Excellence in Consumer Finance Reporting.
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