Inclusion is a Testament to Strong Progress and Achievements in EV Sales Growth
Arcimoto Fun Utility Vehicles Now Available in Four States; New Manufacturing Plant Will Advance Company Toward Scale Production Target Capacity of 50,000 Units Per Year
Arcimoto, Inc.® (NASDAQ: FUV), makers of fun, affordable, and ultra-efficient electric vehicles for everyday drivers and fleets, announced today that it is set to join the Russell 2000® and Russell 3000® Indexes at the conclusion of the Russell US Indexes annual reconstitution, effective at the opening of the US equity markets on Monday, June 28, 2021.
FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes. Membership in the Russell 2000® Index, which remains in place for one year, is based on membership in the broad-market Russell 3000® Index. FUV stock will also be automatically added to the appropriate growth and value indexes.
“Our inclusion on the Russell 2000 and 3000 Indexes is a testament to the extraordinary efforts of the Arcimoto team in the advancement of the Company’s mission,” said Arcimoto Founder and CEO Mark Frohnmayer. “Most recently we reported our strongest quarter in Company history for Q1 2021. 2021 is the year Arcimoto will lay the groundwork for its next decade of growth, and we believe our timely membership in the Russell indexes will further raise the visibility of our investment profile and lead to greater awareness of our brand and mission in the rapid evolution of sustainable transportation.”
Recent progress and achievements made by the Company include:
- Expanding the Arcimoto platform family with the launch of production pilots of both the Rapid Responder, developed for first responders and security uses, and the Deliverator, targeting last-mile delivery and general fleet utility uses. Additionally, the Company debuted the Arcimoto Roadster, an open-air all-electric road trike, and unveiled the Cameo, a product concept targeting the film and influencer industry.
- Closed purchase of new manufacturing plant, the rAMP. With a facility footprint of approximately 210,000 square feet across 10.7 acres, the Company is targeting a manufacturing capacity of 50,000 units per year once fully operational.
- Achieving the strongest financial foundation in Company history as of year-end 2020 and the first quarter of 2021.
- Moving to the Nasdaq Global Market from the Nasdaq Capital Market, reflective of the significant growth of Arcimoto’s business and market capitalization.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
For more information on the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
For the latest company updates, follow Arcimoto on YouTube, Facebook, Instagram, Twitter, and LinkedIn. A replay of the Company’s latest quarterly earnings webinar can be viewed here. For more information, visit Arcimoto.com.
About Arcimoto, Inc.
Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Now available to preorder customers in California, Oregon, Washington, and Florida, the Arcimoto FUV® is purpose-built for everyday driving, transforming ordinary trips into pure-electric joyrides. Available for preorder, the Deliverator® and Rapid Responder™ provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Two additional concept prototypes built on the versatile Arcimoto platform are currently in development: the Cameo™, aimed at the film and influencer industry; and the Roadster, designed to be the ultimate on-road fun machine. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.
About FTSE Russell
FTSE Russell is a leading global index provider creating and managing a wide range of indexes, data and analytic solutions to meet client needs across asset classes, style and strategies. Covering 98% of the investable market, FTSE Russell indexes offer a true picture of global markets, combined with the specialist knowledge gained from developing local benchmarks around the world.
FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $16 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create investment funds, ETFs, structured products and index-based derivatives. FTSE Russell indexes also provide clients with tools for asset allocation, investment strategy analysis and risk management.
A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on index innovation and customer partnership applying the highest industry standards and embracing the IOSCO Principles. FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit www.ftserussell.com.
Safe Harbor / Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict and include, without limitation, our expectations as to vehicle deliveries, the establishment of our service and delivery network and our expected rate of production. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the SEC. In addition, such statements could be affected by risks and uncertainties related to, among other things: our ability to manage the distribution channels for our products, including our ability to successfully implement our rental strategy, direct to consumer distribution strategy and any additional distribution strategies we may deem appropriate; our ability to design, manufacture and market vehicle models within projected timeframes given that a vehicle consists of several thousand unique items and we can only go as fast as the slowest item; our inexperience to date in manufacturing vehicles at the high volumes that we anticipate; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; the number of reservations and cancellations for our vehicles and our ability to deliver on those reservations; unforeseen or recurring operational problems at our facility, or a catastrophic loss of our manufacturing facility; our dependence on our suppliers; changes in consumer demand for, and acceptance of, our products: changes in the competitive environment, including adoption of technologies and products that compete with our products; the overall strength and stability of general economic conditions and of the automotive industry more specifically; changes in laws or regulations governing our business and operations; costs and risks associated with potential litigation; and other risks described from time to time in periodic and current reports that we file with the SEC. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, we do not undertake any obligation to update any forward-looking statements.