Electrification is important, however not enough, Arcimoto Inc (NASDAQ: FUV) CEO Mark Frohnmayer stated Friday at Benzinga’s World Small Cap Convention. To resolve the actual downside, it is time to rethink the patterns of mobility.
Arcimoto means “future I drive,” whereas the ticker image “FUV” stands for “enjoyable utility automobile” and is the identify of the corporate’s first automobile.
Frohnmayer informed Benzinga that the world wants extra than simply the electrification of previous concepts of transportation and Arcimoto goals to fill the hole between the bike and the automotive.
The Platform 1 imaginative and prescient is to ship a product that falls into the value vary of a golf cart or ATV, for instance, whereas delivering on the utility wants of the overwhelming majority of on a regular basis journeys, he stated.
Platform 2 is focusing on the ultra-lightweight micro-mobility house, he stated, including that the product will weigh about 150 lbs.
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Plans For 2021 & Past: The primary Platform 2 product is anticipated to be launched someday in 2021. The corporate will goal shared Arcimoto enterprise fashions in 2021, similar to automobile sharing applications and vacation spot leases, the Arcimoto CEO stated.
Frohnmayer shared that the corporate had an autonomous program being actively labored on and is planning to display an autonomous mannequin later this 12 months.
The corporate solely provides its merchandise in 4 states presently, however the firm is poised for progress on account of excessive demand and it plans to develop its market attain in 2021 and 2022, Frohnmayer stated.
Arcimoto simply purchased a brand new manufacturing facility on April 19 and plans for it to be operational within the fourth quarter of 2022.
Aricmoto is ready to report first-quarter monetary outcomes on Could 17.
FUV Value Motion: Arcimoto traded as excessive as $36.80 and as little as $2.07 over a 52-week interval.
Shares closed Friday up 8.74% at $8.09.
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