A US company at the forefront of light electric vehicle production, Arcimoto, has accrued a total of US$18 million (A$26.71 million) in funding during the past two months, and late last month resumed production for 2023.
Arcimoto recorded a nett loss of approximately US$17 million (A$25.28 million) in the third quarter of 2022, compared with a nett loss of US$11.5 million (A$16.89 million) in the corresponding period for 2021.
In January, it raised US$12 million (A$17.86 million) during a public offering, and it added another US$6 million (A$8.93 million) through a real estate loan on its Oregon factory.
The company was also encouraged by a 35% rise in total revenues for the third quarter of 2022, reaching US$2 million (A$2.98 million) compared to $1.5 million in the third quarter of 2021. Similarly, its total revenue so far in the 2022 financial year had climbed 16% to US$4.2 million (A$6.15 million), compared to US$3.6 million in 2021.
Arcimoto produces light electric vehicles for personal, commercial and rapid response emergency uses.
In 2022, it partnered with Melbourne-based company Direct Technologies to run a pilot with its Deliverator courier vehicle.
Arcimoto had a change of leadership last year after its founder and former CEO Mark Frohnmayer was arrested for driving under the influence.
While Mark remained Arcimoto’s chairman of the board and took up a role as chief vision officer, the company’s chief strategy officer, Jess Fittipaldi, was elevated to CEO.
Arcimoto’s resumption of manufacturing comes as the company announced it has incorporated a new steering system that will improve handling and manoeuvrability at all speeds, while reducing steering effort by more than 40% from prior models.
Jesse said Arcimoto is focusing on sales of its FUV and Deliverator models, and lowering manufacturing costs on these products this year.