The electric trike manufacturer plans to begin full-scale production in early 2019.
Dec 28, 2018 at 2:16pm ET
2 min read
The charge into the future continues. Arcimoto has announced receiving a $4.5 million investment in the company to amp up production of its FUV electric trike for early 2019.
This latest funding comes from FOD Capital, LLC. This will be used to set up the production lines to build the FUV on a large scale, fulfilling 3,250 customer pre-orders as well as deploying rental fleets.
“This financing will allow Arcimoto to take the next critical step: the semi-automated manufacture, assembly, and delivery of our first retail vehicles,” said Mark Frohnmayer. “With global demand for electric vehicles accelerating, we are confident that Arcimoto’s vision of a capital efficient enterprise producing affordable, efficient, small-footprint EVs designed for everyday driving is well-timed.”
Arcimoto isn’t the only electric vehicle company finding funding these days. Dutch electric scooter manufacturer Etergo recently secured about $11 million from an unnamed auto manufacturer to put its AppScooter into production. Taiwanese manufacturer Gogoro partnered with Yamaha to deploy not only its own electric scooters but also an extensive battery swap network. Arcimoto’s FUV is no scooter, but that’s a good thing for American customers who expect superior performance. Its dual-motor front-wheel-drive design will take you from zero to 60 in 7.5 seconds and hit a top speed of 80 mph. This, plus its 130-mile maximum range, should make the FUV a viable option for American consumers. We look forward to seeing the real thing.