Arcimoto Enters Purchase Agreement to Expand Its Manufacturing Footprint by 185,000 Square Feet In Eugene, Ore.
Fivefold increase of manufacturing space expected to accelerate mass production of Company’s ultra-efficient EVs.
EUGENE, Ore.–Arcimoto, Inc.® (NASDAQ: FUV), makers of affordable, practical, and joyful pure electric vehicles for everyday commuters and fleets, today announced that it has agreed to purchase a 185,000 square foot manufacturing site in Eugene, Ore. More than five times as large as Arcimoto’s current manufacturing facilities, the new site will be instrumental in achieving mass production of Arcimoto’s ultra-efficient electric vehicles.
“In 2020 we articulated an aggressive goal to achieve mass production within two years,” said Arcimoto Founder and CEO, Mark Frohnmayer. “We believe the acquisition of this existing manufacturing facility is a critical leap towards our goal.”
“Purchasing an existing facility helps reduce risk during scale,” said Chief Strategy Officer Jesse Fittipaldi. “Instead of spending time designing and then building a new factory, we can start right away with facility retrofits and production line layout. We are thrilled that this site became available at an opportune moment in our planning process.”
The sale is contingent upon the Company’s complete and unconditional approval of the property and its physical condition, zoning and land use restrictions, and a Phase I environmental assessment. Closing is scheduled to occur on March 31, 2021.