Arcimoto ready to ramp up production follow successful IPO
EUGENE, Ore. - Arcimoto, a fledgling Eugene vehicle maker, is one step closer to actually producing vehicles now.
The new cars are said to be the future "fun utility vehicles."
President Mark Frohnmayer says a recent initial public offering of stock in the company has netted $19.5 million, and 3 million shares of the stock were sold, way more than company officials originally expected.
Vice President Jesse Fittipaldi says that all the funding was crowd-raised, and none of it came from venture capital.
"What is shows is just the vast amount of people in the U.S. that are very interested in this sort of technology, and believe that it's something that we need and is viable," said Fittipaldi.
On Thursday, Arcimoto stock was traded for the first time on the NASDAQ Exchange in New York.
Next on the to-do list is actual production of the three-wheeled, all electric vehicles, and getting city permits secured for the expanded factory.
Frohnmayer says the SRK models will sell to the public for just under $12,000.
"We're looking forward to certainly bringing more work opportunities to Lane County at the same time that we're bringing these to the world," said Frohnmayer.
"The factory is a beautiful space. It's perfectly designed for a Phase 1 production building," said Fittipaldi. "We're really fortunate to find something like that in Eugene."
Frohnmayer says he's not announcing the site of the facility, but that it's in the west Eugene area.
They're hoping to slowly ramp up production of vehicles, beginning with a pilot fleet of cars by late fall.