Arcimoto has shut down production at its factory in Eugene with the potential of bankruptcy around the corner, according to news reports.
The 250,000 square foot location at 311 Chambers St. opened in February 2022, replacing its old factory that first began commercial development in September 2019.
According to The Oregonian, Arcimoto announced it has shut down production at its Eugene factory because it is nearly out of money, plunging its stock nearly 60% Wednesday morning.
Arcimoto did not respond to requests for comment from The Register-Guard.
The Eugene-based three-wheeler electric vehicle company recently had a change in leadership after its former CEO Mark Frohnmayer was charged for driving under the influence. Former vice president of the company Jesse Fittipaldi took over as interim CEO in August.
Shortly after, Arcimoto laid off 49 and furloughed 66 employees. Arcimoto had been looking to cut costs because of supply chain problems and dwindling cash reserves.