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Arcimoto EV News
I think this might make a nice spare tire alternative for an Aptera.
https://mashable.com/video/arcimoto-mean-lean-machine-escooter
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35 Replies
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Arcimoto EV News
updated 1 month, 2 weeks ago
17 Members
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35
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I pre-ordered one 2 days ago. But when the price is finally revealed, I might very well cancel.
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Looks like Arcimoto is searching for something to sell in volume to make some revenue. Their “Fun” vehicle is not doing well. Saw some in Key West when down there for a dive trip. A lot on the rental lot and did not see any around town.
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They should keep resources on ramping up production of existing models and not waste them on something which probably has a very limited market (very limited appeal over an e-bike).
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Arcimoto hasn’t been able to ramp up production of their FUV, they’ve only delivered a few hundred over the last couple of years. Don’t know if it’s a lack of demand, bad management or if it really is that hard for a small lightly funded company to scale production. I hope it’s one of the first options and not the third because if it’s the last option that doesn’t bode well for Aptera. The introduction of an e-bike inclines me to believe it’s either demand or bad management. If nobody want the FUV then switching to e-bikes makes sense, if they simply can’t figure out how to build FUVs then switching to a product that will be much much easier to build also would make sense. But if they intend their primary business to be FUVs then they should be focusing on that.
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What is the use-case for an FUV?
I have an e-bike that I ride to work if it isn’t raining and drive my car or work from home if it is (SoCal so that doesn’t happen too much). The FUV has no doors so it can’t replace my car for all-weather commuting. I mean, if I wanted to get wet in the rain the e-bike can handle that 😎
We go to Palm Springs and up to LA or to Utah several times per year. The vehicle needs to carry two people plus luggage. The FUV can’t do that scenario either. Given that and the above, it is basically an $18,000 toy. Which is fine if you need a toy.
Aptera on the other hand could replace my car. It can commute in the rain and carry two people plus luggage a few hundred miles. With only two seats it is more sports car than minivan but it does cover the bases I need covered. The FUV does not.
I think that is the problem Archimoto is facing. They are really competing with things like the Polaris Slingshot for people’s “fun money”. That’s a lot smaller market than Aptera is attempting to address.
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They sell a version as a delivery vehicle, it seems well suited to delivering pizzas in a big city. It also makes sense as an hourly rental vehicle in a resort, I can imagine that if you were on a Caribbean island this would be a fun way to get around. Aside from that I agree there doesn’t seem like it makes a whole lot of sense. It doesn’t have the range to be a motorcycle replacement, if it could go 250 miles instead of 100 then it would compete with a CanAm but with it’s current range you would have to trailer it to get to someplace where it would be fun to ride.
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It seems to be a highly capable, and desirable fast-response emergency vehicle for firefighters,emt’s and such.
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They are already doing agreements with local businesses in Florida and Bahamas for local rental fleets. They seem to have switched their business model from retail sales to commercial rentals and deliveries. They also just announced a agreement with a Australian company for rentals as well. I agree with other comments that they seem to be throwing spaghetti at the walls to see what sticks.
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In my email today from Arcimoto. Looks like I’m at bat again. (3rd time) Still trying to justify the buy though.
“I am excited to share with you that we have started delivery of our FUV in California! Thank you for being an early reservation holder and supporter of Arcimoto. We are ready to start planning for your personal delivery experience. Please give me a call to connect with you regarding order details and answer any questions about customizing your FUV as we can likely complete your build within 120 days!
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Put some doors on that thing.
I’m sure (or hope) that there’s critical mass for this thing in sunny southern CA. But for those who live a little further north in the Great Land of Snow and Ice, this is just a nice little toy for maybe 5 months out of the year.
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He mentioned the doors at 25:30
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They are half doors with not much protection from rain or cold. Which is odd being that they are based on Oregon. Any videos I’ve seen of them on the city streets, the rider is wearing a helmet.
There was alot to like but I disliked some of the choices they have made. No full door option. Top speed too slow, and some crazy finger trigger operated regen mechanism. Why not throttle back for acceleration, throttle forward for regen, throttle neutral to coast. Lastly they are too expensive for what you get. IMHO
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The distant dream is for full hard doors, which they have promised and are working towards. I spoke to one of the employees at a demo ride in Sacramento. He basically said the roll cage frame doesn’t lend itself to anything that works well, and they may have to wait for a second iteration with a different frame to make it work properly.
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I used to have a Gizmo EV years ago that was a similar design that didn’t have the benefit of lithium battery pack; it ran on good old Trojan flooded lead acid batteries. I wish Arcimoto well and believe there is a valid market for their vehicle. I need a bit more so I’m patiently awaiting my Aptera;)
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No value in the activities for me. Rented one in in the Keys on a dive trip. Very disappointing. Not in the same universe as an Aptera
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Not enough range for me, and I don’t like much that it obviously handles more like a 3-wheeled motorcycle than a car (no test drive needed to recognize this).
But I’m curious: in which regard have you been disappointed when you rented it?
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It’s a different beast no doubt, I thought it was quite fun to drive, but the range and the price right now don’t do it for me. I ran the numbers since they are telling me it’s my turn to buy, and with the barest of upgrades (Doors/Trunk/Paint/Etc.) the price is higher than a 250 mile Aptera.
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They must be selling some. Saw one on the road near the Aptera facility in Carlsbad.
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They have a rental facility somewhere in the San Diego area.
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It’s “Kirsten” not “Kristen” and, interestingly, there was another forum thread titled “Kristen Dirksen visits Aptera” (note wrong spelling again) but it seems to have vanished!
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Arcimoto Inc. said Thursday it is undergoing a strategic restructuring with the goal of focusing on operations with immediate revenue-driving programs such as FUV consumer sales, Deliverator fleet sales, and rentals in key markets.
As a result, the company said it is expecting a 32% reduction in payroll expenses, through a combination of temporary furloughs and permanent workforce reductions.
Arcimoto is reducing operational expenses through budget realignment across the company. The plan is designed to support the company’s growth and profitability objectives and improve its operating margin.
Arcimoto shares were halted at $1.45 in midday trading. The stock closed Wednesday up 9%, but is down 81% year to date.
Some long-term projects have been put on hold for the immediate future, the company said. This will allow it to focus on improvements to the FUV, Deliverator and Flatbed, the core products that are driving consumer sales and rentals, as well as fleet sales, respectively.
Arcimoto to Restructure, Cut or Furlough Some Jobs – MarketWatch
The stock price is down to about $1.
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I’m glad I sold 1/4 of my holdings @ $27, I’m well ahead of my original investment and playing with the house’s money.
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The stock price dropped almost 60% today on news that they are offering more stock:
Arcimoto Shares Drop 59% After Public Offering Prices – MarketWatch
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“Electric vehicle manufacturer Arcimoto says it will restart production at its electric vehicle factory in Eugene and deliver a new model of its signature three-wheel motorcycle in March.
“As we begin first deliveries in 2023, we continue to focus on improving vehicle drive quality, manufacturing cost down efforts and increasing our brand reach to grow both our consumer and commercial sales volume,” interim CEO Jesse Fittipaldi wrote in Tuesday’s announcement.
Arcimoto laid off employees in October and shut down production in January amid a financial crisis, warning it faced bankruptcy without more funding. The company sold $12 million additional shares of stock at a discount off their market price last month, raising funds but driving down the company’s already-depressed valuation.
Shares fell another 4% Tuesday at $1.88, an all-time low. Valued at more than $1 billion in 2021, Arcimoto now has an estimated market value of about $12 million.
Arcimoto hasn’t released fourth-quarter financial results yet and it’s not clear whether its balance sheet is any more stable than it was when the company issued its bankruptcy warning in January. The company said its new 2023 models have a new steering system with improved handling and maneuverability.”
Arcimoto says it will restart electric vehicle production in Eugene – oregonlive.com
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Before Aptera , I was looking at Arcimoto. I drove one in San Francisco hills and surrounding area. Fun for sure but the price will never justify the value. It’s way over priced and over promised in its initial price. I hope Aptera does not change the price by much. It’s good value now but if it goes up by another $3K it will not be.
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I have been commuting with an FUV for almost six months. More than four thousand miles in San Diego. It’s so fun in the rain and wind behind the canopy, just dress for the cold and enjoy the ride.
I like the idea of having both autocycles in my garage because they provide radically different experiences, yet compliment each other. But the Arcimoto has rubber on the road today. I am already verifying the validity of autocycles on California freeways. Maybe we will see a Launch Edition by the end of this year?
The main advantage of the FUV is it’s smaller footprint. You can’t split lanes, but you do get rock star parking. I go to the beach and the airport a lot. It’s greatest disadvantage for me is the range. My commute is twenty-two miles one way but I get free L2 charging at work.
I could consider selling the FUV, If I do, it would be a great deal for a used Arcimoto.
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“Electric-vehicle maker Arcimoto disclosed to investors that wide losses and limited cash on hand have cast “substantial doubt” on its ability to stay viable.
“The company has incurred significant losses and does not have sufficient cash on hand to meet its obligations as they come due, which raises substantial doubt about its ability to continue as a going concern,” the Eugene-based company said in securities filings on Friday.
Arcimoto, maker of the three-wheeled Fun Utility Vehicle, ended last year with an estimated $462,800 of cash and equivalents, down from about $17 million the same time in 2021, according to its annual report. The company has undertaken a series of cost-cutting measures in recent months amid financial distress.
The EV maker pointed to layoffs and its unpaid furlough program. Arcimoto had 117 of working employees and 92 on unpaid leave-furlough at the end of 2022. The company had 250 full-time employees in December 2021, meaning the 2022 declines represented a 17% headcount reduction.
“We continue to monitor staffing levels in order to meet operational needs,” Arcimoto said in filings.
Arcimoto also temporarily suspended production before shifting it back into gear earlier this year. On Friday, Arcimoto said it was hashing out payments plans with mission-critical vendors and “monetizing assets that may not be critical to the core business.”
While company management plans to seek financing through equity and credit markets, Arcimoto acknowledged there are no guarantees such financing will take shape or, if it does, that Arcimoto can cut costs to the degree needed for it to work. As such, the company said it can’t count on financing to come through.
Arcimoto, incorporated in Oregon in 2007, said it “has incurred significant losses since inception and management expects losses to continue for the foreseeable future.”
The company’s stock (Nasdaq: FUV) traded at $1.66 late Monday morning, with a market capitalization of just under $11 million.”
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Unfortunate. Illustrates that achieving production is no assurance of success for an EV startup. Following in the recent footsteps of Electromechanica, Sion, Lightyear……. Tough business to break into and be successful
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Although there are no assurances that APTERA will succeed, my belief John is , knowing what we know, if you were to throw APTERA into the mix of what companies would survive. APTERA would definitely have the right mix of what the consumer wants to progress. The list of vehicles that have not succeeded also had greater limitations either through function or cost. APTERA is definitely a leg up on the fallen, it will succeed not just because of one thing, but because it can do many things at a marketable price. Add the fact that it is so distinctive and you now have people yearning for it to be produced. I don’t believe there has been a vehicle in the market that aligns itself with so much excitement. As Chris recently said several months ago. This vehicle will be built and I would like to add, when it gets to the market it will continue to grow a following.
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We really don’t know anything that would provide the basis for forecasting Aptera success in the marketplace. It is a waste of time to prognosticate about eventual success of Aptera until AFTER the vehicle is in production and competing in the EV market. Rather than spending cycles on postproduction success, all our mental effort should be targeted on raising capital to get production started.
Your posts tend to be half full, mine half empty. Reality is somewhere in between. One tell I look at is the progress of the Accelerator Program. I believe it is not living up to expectations. The second consideration, Aptera Pricing. There will be a price increase. That may price some enthusiasts out of the market. The third consideration, Aptera surviving the inevitable unknown defects in a new vehicle entering the market. If there are a lot of problems with early deliveries, especially those that buyers have invested $10K to get it early, the reputation and sales will suffer greatly. The last factor, GM and other EV companies will have lower cost EV SUVs in the market this year. The preferred form factor for families. Hopefully, Aptera will have strategies to counter all the above.
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So few vehicles will be eligible for the $7,500 rebate. With APTERA also not being able to take advantage it will even the playing field a bit. With so many fewer parts and accessories needing to build along with body panels being made to such precise specifications, it should be less of an issue to manufacture. Things can and do go wrong, but there is an inherent advantage to APTERA’s build process.
The few vehicles that will qualify for $7,500 will be evened out by dealer markups. It’s been happening thus far and will continue to do so as long as long as the pent up demand for electric vehicles is there. APTERA, I also predict will not see a price increase change beyond what management has already posted for the LE. The minimization of parts including body panels along with 95% of the vehicle being complete should already have given APTERA a firm understanding as to their material and labor costs to manufacture. APTERA is holding off announcing guarantees of price until there are no other unknown variables. I hope that they will announce soon as there are many that are holding off investment for that reason alone.
Yep I am a happier person knowing my glass is at least half full.
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I will say again, neither of us knows what is going on behind the curtain at Aptera so our forecasts are at best WAG’s.
My forecast with the above caveat, (1) Aptera will raise prices. The 30% margin they had baked in with the December 2020 pricing has been more than eaten up by inflation, unexpected cost due to COVID, and issues all manufacturers have had and are having (Ford the worst) with the supply chain. Aptera has no capital they can rely on to hold prices at or below costs like legacy manufacturers or Tesla. (Ford loses money on every Mustang Mach E they sell. GM loses money on every Bolt they sell) it is about market share for them. (2) Unless Aptera has a significant investor (They may already have one but unannounced to keep from impacting other potential investment) by October 2023, they will need to start shutting down/file for Chapter 11/13 or go into hibernation, or consider selling Aptera.(3) Assuming they get investment and go into production, their first vehicles will suffer from unexpected defects and since with Accelerator, the distribution will be all over the place they will no longer be able to fix defects locally (Like originally planned with distribution in the San Diego area). This will result in a reputation hit for an unreliable vehicle with well-to-do owners that paid a lot to get an early delivery.
My ace in the whole for my forecasts: 50 years of experience in vehicle R&D from an engineer to program/product manager and just completing a consulting engagement with an EV manufacturer with access to a tier one competitive analytics organization.
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This was an interesting note in the quarterly filing from yesterday:
On June 30, 2023, the order backlog for our vehicles is 8, defined as a vehicle order with a customer deposit, likely configured and expecting delivery. The conversion rate from order backlog to actual sales is approximately 93%.