Arcimoto (FUV) Announces Next Phase of Strategic Restructuring Plan and Operational Milestone

Arcimoto, Inc.® (NASDAQ: FUV), makers of rightsized, outrageously fun, ultra-efficient electric vehicles, announced the next phase of its strategic restructuring plan to rebuild the foundation of the business and create a sustainable business model. As part of the plan, Arcimoto reduced operations spend and commenced a workforce reduction, which combined are expected to reduce annual expenses by approximately $20 million and position the Company for long-term financial success.

“It's the right plan to respond to the current economic conditions. We significantly reduced spending while the company continues to focus on building our vehicle order backlog for commercial and consumer customers. This plan allows us to scale the factory and deliver vehicles at a volume that better offsets our spend with greater revenue,” said Jesse Fittipaldi, Arcimoto’s Interim CEO.

In general, the Arcimoto restructuring plan includes four key actions to maximize value:

1. Significantly increase the backlog of sales, focusing on consumer FUV, fleet Deliverator, and strategic rentals.
2. Open vehicle delivery to new states.
3. Scale production to follow suit with the sales backlog.
4. Explore all strategic alternatives available to the Company to enhance shareholder value.

Arcimoto Expands Orders to Six New States and Washington D.C.

Arcimoto also announced today that it is now accepting vehicle orders from customers in New York, New Jersey, Pennsylvania, Maryland, Virginia, Georgia, and Washington D.C., with first customer deliveries expected to begin in November.

This marks the largest sales expansion in Arcimoto history. Today, Arcimoto began reaching out to preorder customers in these areas with the opportunity to order an FUV. In celebration, Arcimoto also unveiled new limited edition printed vinyl designs that add even more fun to the FUV. To design and reserve your FUV, please visit Design.arcimoto.com.

In addition to these new states, Arcimoto vehicles are currently available in California, Oregon, Washington, Nevada, Arizona, and Florida. Vehicle reservations are open in Hawai’i, with first deliveries slated to begin in Q1 2023. Customers outside of these states can place a $100 refundable preorder to be the first to know when Arcimoto opens in their region.

“We are thrilled to introduce Arcimoto to some of the top EV markets in the country, home to many of the most beautiful places to FUV,” said Arcimoto Chief Experience Officer Lynn Yeager. “We’ve had the incredible pleasure to FUV through cities like Manhattan, D.C., and Savannah and we can’t wait for our customers to have the opportunity to experience these epic rides for themselves. To all of our longtime pre-order customers, thank you so much for your patience.”

Arcimoto Consumer Financing Promo For November, 1.99% APR

Arcimoto’s finance partner FreedomRoad Financial will be extending the special 1.99% APR* financing for up to 36 months to qualified customers until November 30th. Affordable financing options are key to Arcimoto’s growth and driving vehicle sales. Interested customers can visit Arcimoto.com/finance to move forward.

*APR = Annual Percentage Rate. This finance promo is for new, untitled 2022 Arcimoto models only. Financing offer available through FreedomRoad Financial (FRF), a loan production office of Evergreen Bank Group, Member FDIC. Annual Percentage Rate (APR) of 1.99% for 36-month term and $0 down payment offer is available to qualified applicants only. Sample monthly loan payment on loan amount $10,000.00 for 36 months at 1.99% would be payments of $286.38 per month. Not all buyers will qualify and if approved may receive a higher rate, depending on credit score. Where zero down dollars is indicated, it is available for well-qualified applicants with approved credit. Some buyers will require a down payment in order to receive credit approval. Subject to model availability and dealer participation. Subject to credit approval by FRF. Financing offer can change or terminate at any time without prior notice. Offer valid October 1 to November 30, 2022. Finance offer valid through Arcimoto. Please contact our Customer Experience Team for all program details.

For the latest company updates, check out our Q2 Stakeholder Webinar. Follow Arcimoto on YouTube, Facebook, Instagram, Twitter, TikTok, and LinkedIn. Investor information about the company, including press releases, stakeholder webcast replays, and more can be found at http://arcimoto.com/ir.

No Offer or Solicitation

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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