Electric fun utility vehicle “FUV’ gets $4.5m in financing

Electric trike maker Arcimoto has announced a $US 4.5 million investment in the company (financing led by ed by FOD Capital, LLC) to amp up – or rev up – production of its FUV electric trike for early 2019.

Arcimoto is a small (78”/2m wheelbase) open-sided EV that bills itself as “the world’s first FUV”: Fun Utility Vehicle. WIRED magazine agrees, saying “It certainly is a load of fun to drive. Every green light is another (unspoken) invitation to drag race.

The vehicle is designed not only for fun, but also for utility as a commuter option – although the open concept may not be suitable for all climates.

It is 100% electric, with a top speed of 80 MPH and a range of 100 miles, driven by a 17.5 kilowatt hour lithium-ion battery with a charge time (0-100%) of 3 1/2 to 8 hours, depending on the source. Base price is $11,900 $US.

The promise from Arcimoto (which means Future I Drive) is that the FUV will ‘turn your commute into a joyride’. It sure looks like fun, as the people in this video attest.

Regarding the investment, Arcimoto founder Mark Frohnmayer said “This financing will allow Arcimoto to take the next critical step: the semi-automated manufacture, assembly, and delivery of our first retail vehicles. We believe this funding positions us to begin delivering on our 3,250 customer pre-orders, as well as deploy rental fleets in key destination cities.”

The company, based in Eugene Oregon, has already delivered an FUV to actor Nathan Fillion of Serenity, Castle and The Rookie fame and is on plan to deliver its first retail FUVs in Q2 2019.

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