Mar 24, 2021   SOURCE: BusinessWire

Arcimoto Completes Due Diligence On New Manufacturing Plant

Arcimoto, Inc.® (NASDAQ: FUV), makers of affordable, ultra-efficient, and joyful pure electric vehicles for everyday driving, today announced that is has completed due diligence on a new manufacturing plant in Eugene, OR, after assessing the potential for the facility to produce at a rate of 50,000 vehicles per year at full capacity. The Company has deposited earnest money toward the transaction and is expecting the purchase to close on April 19, 2021.

“The facility due diligence phase for Arcimoto’s first OEM-scale factory purchase is complete,” said Arcimoto Chief Strategy Officer, Jesse Fittipaldi. “We assembled a stellar construction consulting team to understand the potential of this new site. During the diligence phase we completed environmental inspections, city zone validation, and various production concepts. We’ve also expanded the purchase agreement to include additional parcels to the south in order to facilitate movement of material on and off site. This additional property expands the rAMP footprint to more than 200,000 square feet across 10 acres.”

Fittipaldi continued, “We now move forward to the design phase and contractor selection. The facility needs relatively simple upgrades to begin operations, which means we can spend less time on construction and more time on building out the assembly and manufacturing lines. I can’t wait to cut the ribbon on the rAMP.”

“This is a significant milestone on the path to mass production and the realization of Arcimoto’s mission,” said Mark Frohnmayer, Arcimoto’s Founder and CEO. “We look forward to sharing our vision of the road ahead with our stakeholders during our webinar next week.”

About Arcimoto, Inc.
Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Now available to preorder customers in California, Oregon, Washington, and Florida, the Arcimoto FUV® is purpose-built for everyday driving, transforming ordinary trips into pure-electric joyrides. Available for preorder, the Deliverator® and Rapid Responder™ provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Two additional concept prototypes built on the versatile Arcimoto platform are currently in development: the Cameo™, aimed at the film and influencer industry; and the Roadster, designed to be the ultimate on-road fun machine. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.

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