By Micah Toll
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.