After beginning its initial public offering in July, Arcimoto has sold 3 million shares of common stock, raising $19.5 million for the company, nearly double its original goal of $10 million. On Thursday, Arcimoto joined the NASDAQ stock market under the symbol FUV.
“Today is a proud moment in our decade-long journey to design and develop a practical, efficient and affordable pure electric vehicle for the masses,” said Mark Frohnmayer, President and founder of Arcimoto.
“Our target of $10 million would have enabled us to execute the first phase of our go-to-production plan and deliver Arcimotos to our first customers,” Frohnmayer said. “With the phenomenal support from our early-adopter customers, fans of the brand, and investors who believe in our mission to catalyze the shift to a sustainable transportation system, we raised twice our original goal. This will allow us to accelerate our plans to bring the first Fun Utility Vehicle to the world.”
Arcimoto’s SRK is a three-wheeled electric vehicle with tandem seating for two and motorcycle controls. The SRK weighs just over 1,000 pounds and its twin electric motors send a total of 67 horsepower to the front wheels. That’s more than enough to get out of its own way, with a 0-60 time of 7.5 seconds and a top speed of 80 miles per hour.
The vehicle’s safety structure resembles a race car’s roll cage and features not one but two seat belts for each occupant. The standard battery pack, mounted at the bottom of the SRK to keep the center of gravity low, provides a 70-mile range. An upgraded battery pack will extend the SRK’s range to 130 miles.
Arcimoto’s fundraising success stands in stark contrast to Elio, which is attempting to follow a similar IPO path to raise $100 million. Elio has been criticized for failing to deliver promised cars for years. The earliest delivery date is now sometime in 2019, a full five years after the car’s original planned debut. Arcimoto, on the other hand, expects to begin delivering vehicles in the second quarter of 2018.
Despite the apparent similarities in their vehicles, Arcimoto and Elio do not consider each other to be competitors. Not only are their powerplants different (electric vs. gasoline), the SRK’s motorcycle controls mean that it does not qualify for the “autocycle” classification, pioneered by Elio, that allows it to be operated without a motorcycle endorsement despite having less than four wheels. But that limitation doesn’t seem to have diminished interest in the Arcimoto SRK. Actor Nathan Fillion has jumped on board, tweeting “I think I’ve found my spaceship.” It is unknown whether he intends to name his own SRK “Serenity” after the ship his character Malcolm Reynolds commanded on the TV show Firefly.