What happened with Arcimoto?
In February 2023, Arcimoto announced it was halting production at its Eugene factory and would file for bankruptcy if it couldn’t find funding to continue, The Oregonian reported. The announcement led to another plunge in stock prices and days later, Arcimoto’s board of directors unveiled a new executive team. Mark Frohnmayer, founder of the Eugene-based three-wheeler electric vehicle company Arcimoto, is no longer its CEO. The change in leadership follows a July citation for driving under the influence. Arcimoto announced the change in leadership through a news release Friday morning.
Is Arcimoto still in business?
Due to failure in scaling production to reduce unit price, Arcimoto ran into financial troubles in 2023, which stopped all production and resulted in the company being delisted from NASDAQ. At its peak in February 2021, Arcimoto held a market capitalization of $1. July 2024. The Arcimoto share price today is 0.