Arcimoto, maker of doorless three-wheelers, says it is about ready to bang out some new electric vehicles.
That's quite a turnaround from January, when the EV startup halted production and warned it needed new funding, or else it might seek bankruptcy protection. Ultimately, the company raised $12 million by selling additional stock at a discounted price of $3 per share, or around half of its early-January price, Arcimoto told its backers.
How are investors taking all this? Not well, it seems. As of Tuesday afternoon, a share in the publicly traded startup sat around $1.86. On Wednesday, the firm announced an additional $6 million raise, and the stock rose to around $1.92 per share shortly before the bell.
Still, Arcimoto says it will start shipping new EVs in March, featuring an upgraded steering system that will apparently "deliver improved handling and maneuverability at all speeds," while cutting "steering effort by more than 40%." When TechCrunch reviewed an earlier model in January, we noted it handled "almost like a car without power steering" at low speeds.
Arcimoto also aims to bring the steering upgrade to its older vehicles, for a "small fee." TechCrunch reached out to the startup for more details on its plans.
Seemingly inspired by auto rickshaws and recreational vehicles like ATVs, Arcimoto's vehicles look nothing like the hulking four-wheelers that dominate U.S. roads. They're a goofy sight to behold, but it's likely you won't see one in the wild soon. The Oregon-based company estimates there are "more than 500" on roads today, close to half of which (228) were delivered last year.
Updated on February 22, 2023 to include Arcimoto's subsequent $6 million funding announcement.