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Electrification is necessary, but not sufficient, Arcimoto Inc (NASDAQ:FUV) CEO Mark Frohnmayer said Friday at Benzinga's Global Small Cap Conference. To solve the real problem, it's time to rethink the patterns of mobility.
Arcimoto means "future I drive," while the ticker symbol "FUV" stands for "fun utility vehicle" and is the name of the company's first vehicle.
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Frohnmayer told Benzinga that the world needs more than just the electrification of old ideas of transportation and Arcimoto aims to fill the gap between the bike and the car.
The Platform 1 vision is to deliver a product that falls into the price range of a golf cart or ATV, for example, while delivering on the utility needs of the vast majority of everyday trips, he said.
Platform 2 is targeting the ultra-lightweight micro-mobility space, he said, adding that the product will weigh about 150 lbs.
Related Link: Ross Gerber Talks Tesla, Arcimoto & Roblox On Benzinga's 'Power Hour'
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Plans For 2021 & Beyond: The first Platform 2 product is expected to be introduced sometime in 2021. The company will target shared Arcimoto business models in 2021, such as vehicle sharing programs and destination rentals, the Arcimoto CEO said.
Frohnmayer shared that the company had an autonomous program being actively worked on and is planning to demonstrate an autonomous model later this year.
The company only offers its products in four states currently, but the company is poised for growth as a result of high demand and it plans to expand its market reach in 2021 and 2022, Frohnmayer said.
Arcimoto just bought a new production facility on April 19 and plans for it to be operational in the fourth quarter of 2022.
Aricmoto is set to report first-quarter financial results on May 17.
FUV Price Action: Arcimoto traded as high as $36.80 and as low as $2.07 over a 52-week period.
Shares closed Friday up 8.74% at $8.09.
(Photo: Arcimoto)
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.