Arcimoto , Inc.® (NASDAQ:FUV), makers of rightsized, ultra-efficient electric vehicles, announced today they received $6 million in additional funding by means of a real estate loan on their Eugene, Oregon factory. This additional financing comes shortly after the $12 million public offering that closed on January 20th. A portion of the net proceeds from the offering were used to repay the convertible note with 3i. The remaining funding will be used for working capital and general corporate purposes.
“We announced this week the start of 2023 production with new steering features and improvements on the FUV and Deliverator. This additional funding paired with our efforts in reducing vehicle costs and increasing sales gives the team practical confidence as we continue to focus on the growth of FUV and Deliverator programs,” said Jesse Fittipaldi, Arcimoto Interim CEO.
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