Arcimoto Gets $4.5 Million In Funding For Electric Trike

DEC 30 2018 BY RIDEAPART.COM 13

The electric trike manufacturer plans to begin full-scale production in early 2019.

The charge into the future continues. Arcimoto has announced receiving a $4.5 million investment in the company to amp up production of its FUV electric trike for early 2019.

The FUV, which is an acronym for “Fun Utility Vehicle,” is another three-wheeler that toes the increasingly grey line between car and motorcycle. Unlike vehicles like the Polaris Slingshot, the Arcimoto FUV retains handlebars and motorcycle controls, putting it squarely into the motorcycle category from an operational and legal point of view. Yet features such as bucket seats, seat belts, and a roll cage that can also enable the interior to be enclosed, it provides some of the amenities of a car as well.

Arcimoto has been working on prototypes for the FUV, formerly called the SRK, for years. President and Founder Mark Frohnmayer took delivery of the first production vehicle last year. The second one went to actor Nathan Fillion, who considers it to be the spaceship he’s always wanted. (Hopefully, he named it Serenity.)

This latest funding comes from FOD Capital, LLC. This will be used to set up the production lines to build the FUV on a large scale, fulfilling 3,250 customer pre-orders as well as deploying rental fleets.

“This financing will allow Arcimoto to take the next critical step: the semi-automated manufacture, assembly, and delivery of our first retail vehicles,” said Mark Frohnmayer. “With global demand for electric vehicles accelerating, we are confident that Arcimoto’s vision of a capital efficient enterprise producing affordable, efficient, small-footprint EVs designed for everyday driving is well-timed.”

Arcimoto isn’t the only electric vehicle company finding funding these days. Dutch electric scooter manufacturer Etergo recently secured about $11 million from an unnamed auto manufacturer to put its AppScooter into production. Taiwanese manufacturer Gogoro partnered with Yamaha to deploy not only its own electric scooters but also an extensive battery swap network. Arcimoto’s FUV is no scooter, but that’s a good thing for American customers who expect superior performance. Its dual-motor front-wheel-drive design will take you from zero to 60 in 7.5 seconds and hit a top speed of 80 mph. This, plus its 130-mile maximum range, should make the FUV a viable option for American consumers. We look forward to seeing the real thing.

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13 Comments on "Arcimoto Gets $4.5 Million In Funding For Electric Trike"

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This would be great for California and Florida, and I suppose all the southern US states.

Probably not as good in AZ and other superhot places. Although SoCal can get super hot few days a year, beach is only an hour away.

Yeah, I was thinking Florida might be a bit too hot and humid for this thing to be useful to most people. Some will, and more power to them, but I prefer a car with AC when the temps are over 95 degrees and the humidity is over 50%.

Looks like Nathan has a BMW i3 in his stable as well..

I don’t know why they call this a “utility” vehicle. There is very little utility to it other than moving you and a friend a short distance. Why don’t they ever build cargo space into these three wheel vehicles?

It has a rear storage add on that isn’t in these photos, go here: https://www.facebook.com/groups/192135574698929/permalink/341891029723382/

Time to start having a Comparison Story between 3 Wheelers! Like the Arcimoto, and the Solo! And any others that are out or coming out! Side by Side Comparisons, Switching Drivers, getting mixed opinions as to better value, more fun, safer, etc.

Got to love the cheap (yellow) plastic with tape saying it’s it the first signature model. Nice trailer park standard, clearly reflective of company’s class (or lack thereof!).

You would think the company would spend a bit of money for a commentative tchotchke.

They’ve got some form of heat (incl. defrost) .. . and for a “fun utility vehicle” ,.. I don’t think your really need A/C, .. but they are working on that option as well.

It’s got a roll cage, safety harness and some implementation of crumple zones. (not a car, but way more than a motorcycle)

They’re predicting 8 to 10 years on the battery, with replacement under $2,500.

If they can keep the price on target (base around $12,000) , .. they should sell.

Looks like a winner to me, …

Eventually investors will understand that people who want electric vehicles don’t want freaky novelty junk like this. All the previous examples have failed to sell in significant volumes.
Some of them seem to be happy to throw away a lot of money in the process.

I see plenty of CanAms on the road in New Hampshire in the summer, this is an electric CanAm. It’s not for transportation it’s for recreation. As long as they scale the business to the size of the market then there is no reason that they can’t be successful.

I’m not sure they’ll replace golf carts around the 55 and up communities.

These look very cool, I can’t wait to try one soon