FUV - Arcimoto falls after reporting another quarterly loss

Arcimoto ( NASDAQ: FUV ) said it produced 150 new FUVs during Q3 to mark the company's highest vehicle production ever for a quarter. The production tally was up 47% from a year ago. FUV also delivered 74 customer vehicles with an average sales price of $22,428.

The electric vehicle company noted that it had 474 customer FUVs on the road at the end of the quarter. 90 vehicles were allocated for marketing, R&D, and internal fleet use and 144 vehicles were in the Arcimoto rental fleet for revenue generation.

Arcimoto increased demo volume by 111% in Q3 with 20% of overall sales coming from rental leads.

FUV's total revenue increased 35% to $2M, while the net loss was bigger at -$17M vs. -$11.5M a year ago.

On the balance sheet, Arcimoto had $65.6M in total assets, $4.2M in cash and $27.6M at the end of the quarter.

Interim CEO update: "Following our strategic restructuring plan, we lowered our operating costs considerably. At the same time, we improved our customer experience at almost every customer touch point, including an improved FUV Configurator with a financing calculator tool, and the creation of new Owner Ambassador roles who personally guide customers through their purchase, from design to delivery through service. All in all, Arcimoto continues to demonstrate increased sales and reservations, quarter over quarter, indicating a path toward profitability."

Shares of Arcimoto ( FUV ) fell 4.82% in postmarket trading to $0.59 vs. the 52-week trading range of $0.50 to $11.67.

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