US-based ‘Tesla lite’ 3-wheeled electric vehicle startup passes $1B market cap

– Feb. 10th 2021 4:36 am ET

Arcimoto’s market capitalization recently crossed the $1 billion threshold, making the three-wheeled electric vehicle company the newest member of the unicorn club.

Late last year, it looked like the sky was the limit for Arcimoto, which trades on the NASDAQ as FUV.

Now it seems like the company has blown right through the sky and is headed for the moon.

Less than a year ago Arcimoto’s share price had dipped below $1. Yesterday it closed at $31.12.

While the entire market has shown impressive growth since bottoming out early in the COVID-19 pandemic, Arcimoto’s share price has grown 1,658% in the last 12 months.

With a current market cap of $1.23 billion as of market close yesterday, Arcimoto is gaining the attention of several well-known investors and EV bulls.

As the Portland Business Journal reported, new support from investor Ross Gerber has likely helped fuel the most recent growth in the company’s valuation.

Gerber announced his support for Arcimoto, referring to the Oregon EV startup as “Tesla lite.”

Unlike Tesla, Arcimoto has focused on the three-wheeled electric vehicle market.

The company’s flagship FUV (fun utility vehicle) is a 75 mph (120 km/h) electric vehicle with a maximum range of up to 100 miles (160 km) in the city.

The FUV currently starts at around $18K, though Arcimoto’s stated goal is to bring the cost down to around $12K with efficiencies of scale offered by mass production.

Despite only having produced approximately 150 vehicles so far, Arcimoto intends to reach an annual production rate of 50,000 units in the next two years. The company recently purchased a much larger factory as part of its march toward mass production.

The company has also been scooping up new technology, including the recent acquisition of a three-wheeled leaning trike company.

Arcimoto also unveiled a chopped-top version of the FUV known as the Roadster. Unlike the FUV, which is technically a motorcycle-class vehicle that doesn’t require a helmet due to its structural cage, the Roadster would require riders to wear a helmet.

The FUV has even been outfitted for delivery and emergency services use.

The Deliverator is a last-mile delivery configuration of the FUV that can be used for cargo and utility purposes.

The Rapid Responder is a quick-response configuration of the FUV that has already been tested by fire departments and emergency service use.

FTC: We use income earning auto affiliate links. More.

Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.

You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews. Guides

Arcimoto

About the Author

Micah Toll

@MicahToll

Micah Toll is a personal electric vehicle enthusiast, battery nerd and author of the Amazon #1 bestselling books DIY Lithium Batteries, DIY Solar Power and the Ultimate DIY Ebike Guide.

You can send him tips at Micah@electrek.co