Arcimoto Plans To Curb Annual Expenses By $20M Via Job Cuts, Reduced Spending

  • Arcimoto Inc FUV intends to reduce annual expenses by approximately $20 million via reduced operations spending and job cuts.
  • Arcimoto's restructuring plan includes four key actions: increasing the backlog of sales, focusing on consumer FUV, fleet Deliverator, and strategic rentals; open vehicle delivery to new states; scale production; and exploring all strategic alternatives.
  • "This plan allows us to scale the factory and deliver vehicles at a volume that better offsets our spend with greater revenue," said Jesse Fittipaldi, Arcimoto's Interim CEO.
  • Arcimoto also announced sales expansion to New York, New Jersey, Pennsylvania, Maryland, Virginia, Georgia, and Washington D.C., with first customer deliveries expected to begin in November 2022.
  • Arcimoto's finance partner FreedomRoad Financial will extendArcimoto the special 1.99% APR (Annual Percentage Rate) financing for up to 36 months to qualified customers until November 30.
  • Also ReadFaction & GoCar Partner On Driverless Vehicle Rentals
  • Price Action: FUV shares are trading higher by 1.44% at $0.8369 on the last check Thursday.
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