FUV - Arcimoto announces strategic restructuring plan; anticipates a 32% reduction in payroll expenses

• Arcimoto ( NASDAQ: FUV ) announced a strategic restructuring with the goal to focus operations on immediate revenue-driving programs.
• As a result, the company anticipates a 32% reduction in payroll expenses, through a combination of temporary furloughs and permanent workforce reductions and is reducing operational expenses through budget realignment across the company.
• The plan is designed to support the company’s growth and profitability objectives and improve its operating margin.

• Some long-term projects have been put on hold for the immediate future; this will allow the company to focus on improvements to the FUV, Deliverator, and Flatbed, the core products that are driving consumer sales and rentals, as well as fleet sales, respectively.

• “Today’s cost restructuring is a direct response to the macroeconomic environment conditions and supply chain issues we are facing, requiring us to be more disciplined and laser focused on the areas of our business that are most critical to achieving profitability,” said Interim CEO Jesse Fittipaldi.

• Shares are trading up 6.47% up premarket.

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