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Webcast: https://us06web.zoom.us/webinar/register/WN_UfMTSp5qThOxpGweeDGuPw
Third Quarter 2022 and Recent Company Highlights
- Produced 150 new FUVs, the highest vehicle production quarter in Arcimoto’s history, and a 47 percent increase over Arcimoto’s previous quarterly record.
- Delivered 74 customer vehicles, the highest quarter of customer deliveries in Arcimoto’s history, with an average sales price of
$22,428 . - Deployed 11 vehicles for marketing and other company uses, and 46 vehicles into rental operations. As of
September 30 , there are 474 customer FUVs on the road today, acting as brand ambassadors everywhere they go; 90 vehicles allocated for marketing, R&D, and internal fleet use; 144 vehicles in theArcimoto rental fleet for revenue generation. - In Q3, Tilting Motor Works completed delivery of 16 TRiO kits to customers with an average sales price of
$12,707 . - In the largest sales expansion in
Arcimoto history, expanded orders toNew York ,New Jersey ,Pennsylvania ,Maryland ,Virginia ,Georgia , andWashington D.C. , with first customer deliveries already underway. - Achieved a record 2,603 rides from demo drives and rentals combined. Increased demo volume by 111 percent, with 20 percent of overall sales coming from rental leads.
- In effort to streamline sales, created Ownership Advisor roles to personally guide new owners through the sales and delivery process; added demo drive availability in key markets and at rental locations; extended 1.99 percent APR financing promotion with Freedom Road Financial through the end of December; added a financing calculator tool to the FUV Configurator to display estimated monthly payments as customers design their FUVs; introduced limited edition vinyl wraps.
- The Arcimoto Deliverator was named Overall EV of the Year in the Autotech Breakthrough Awards.
- Announced Arcimoto Kaua’i, a new flagship experience center located at Royal Sonesta Kaua'i Resort Lihue. First rentals are expected to begin this December, offering more than 100,000 monthly visitors electric vehicle rentals at one of the Garden Island’s premiere resort properties.
- Began rental operations at Hyatt Place Eugene/Oakway Center, providing a fully integrated rental experience while building on the Company’s strategy to develop partnerships with top hotels in tourist destinations worldwide.
- Opened Arcimoto Honolulu, the company’s third experience center overall, and the first experience center in Hawai’i.
Management Commentary
“Q3 was encouraging on several fronts,” said
“Looking ahead, we are excited to introduce improvements to the FUV, the Deliverator, and the Arcimoto Platform as a whole. For example, our product team has identified a new mechanical steering upgrade that improves low-speed steering by approximately 30 percent, and will be backward compatible with all existing vehicles on the road today, as well as new vehicles off the line. We’re excited to begin rolling out this upgrade for current owners in the first quarter of 2023. This is just one example of the improvements we have planned, and we’ll have more to share in the coming months.
“One thing that remains clear is our mission: rightsized transportation is critical to the future of transportation if we’re going to have any chance of achieving our climate goals. We have known for years now that a transformative transportation system must be affordable, electric, efficient, and, eventually, driverless. That’s why we created the
Third Quarter 2022 Financial Results
Total revenues for the third quarter of 2022 increased 35% to
The Company incurred a net loss of approximately
The Company had
About
Safe Harbor / Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict and include, without limitation, our expectations as to vehicle deliveries, the establishment of our service and delivery network and our expected rate of production. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the
Investor Relations Contact:
investor@arcimoto.com
Source:
2022 GlobeNewswire, Inc., source