The electric vehicle manufacturer Arcimoto plans to sell its Eugene factory to raise money.
Arcimoto makes low-cost, light-weight vehicles with three wheels. The company has listed its 150,000-square-foot production facility for sale along with three other properties.
CEO Chris Dawson said Arcimoto would lease back a part of the property, so the sale would not hurt manufacturing. He said the company only uses a fraction of what it owns.
“That factory is just this big boat anchor on the balance sheet," said Dawson. "And that capital can be utilized to scale production and push us far into next year.”
Arcimoto has previously reported financial losses and briefly paused manufacturing earlier this year. But Dawson hopes the company can still break even some day, as it continues to attract new funding.
Dawson said after streamlining its manufacturing process this year, the company is focused on increasing sales and securing new corporate deals to deliver vehicle fleets.
