The stock of a small-cap electric vehicle company focusing outside the typical sedan, truck and semi market has outperformed three of the largest automotive companies over the last five years.
What Happened: Seeking to fill the gap between bike and car with the electrification of smaller vehicles, Arcimoto Inc FUV offers smaller “fun utility vehicles.”
The company’s Platform 1 aims to fall into the price range of a golf cart or ATV and have delivery capabilities of making short trips.
Arcimoto reported 85 vehicles manufactured and 30 vehicle sales in the second quarter. Revenue in the second quarter of $717,000 was up 167% year-over-year.
What’s Next: Arcimoto is increasing its production with additional manufacturing space.
The company is also working on an autonomous program in a model that could be demonstrated later in 2021.
The Arcimoto Flatbed utility vehicle was also revealed earlier this year and it will be the company’s vehicle offered for commercial fleets.
A partnership with Lightning Motorcycles will see the two companies develop the fastest tilting three-wheel motorcycle in the world.
Another item for the company’s growth is getting states to reclassify driver requirements for Arcimoto vehicles. Florida, Hawaii and Louisiana all announced earlier this year that a motorcycle endorsement will not be needed for the company’s vehicles.
Related Link: Exclusive: Arcimoto CEO Mark Frohnmayer Talks Reimagining Transportation For Everyday Needs
Stock Performance: Arcimoto went public in 2017 with an offering of $6.50 per share. The stock is up 75% over the last five years based on a price of $11.70 at the time of publication Wednesday.
General Motors Company GM shares are on a tear over the past year with a stock return of 65%. Shares of GM are up 54% over the last five years.
Toyota Motor Corp TM shares are up 52% over the last five years.
Ford Motor Company F shares have outperformed many automotive stocks over the past year with an 86% return. Shares of Ford are up only 6% over the last five years as 2020 was a rough one for the automotive giant.
One automotive company Arcimoto has not outperformed over the last five years is Tesla Inc TSLA. The electric vehicle leader has had a 1,701% increase in its share price over the last five years.
Photo: Courtesy Arcimoto
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
