Arcimoto reanimated, saving the fast three-wheeled electric vehicles from bankruptcy
Last month we reported on the financial woes of Arcimoto, the manufacturer of fun and funky-looking 75 mph (120 km/h) three-wheeled electric vehicles. The company was said to be teetering dangerously close to bankruptcy as it quickly sought out additional funding to keep its factory open.
After being forced to pause production and temporarily shutter the Eugene, Oregon-based factory, Arcimoto returned this week with good news! It’s back to business after landing $12M in funding from a quick stock raise at a reduced price.
Flush with that fresh cash from a painful funding round, the lights are back on and Arcimotos FUVs (Fun Utility Vehicles) are expected to begin rolling off the production line as soon as next month.
And the FUVs aren’t just back, they’re better than ever. According to the company, the new models will receive improved steering that enhances maneuverability and handling. The update is expected to reduce steering effort by as much as 40%.
That’s an update that couldn’t come soon enough.
I’ve tested the FUV on several occasions and it’s an awesome ride. But one of the first downsides you notice when you hop in the driver’s seat is just how much muscle is required to steer at low speeds. At higher speeds, it steers just fine. But at lower speeds you’re really forcing that rubber across the asphalt.
You can take a look at my ride video below, where I tried to do a slalom of traffic cones but found that it worked better if I doubled up and aimed for every other cone. I’m normally spotted on electric two-wheelers and so I can confidently say that the FUV – despite its unique charm – certainly isn’t as nimble as most of my rides.
The new update, which sounds like it should give a more power steering feel to the ride, will rollout with the first new models off the assembly line after the factory reopened.
With any luck, this will be a new beginning for the company.
One of the biggest hurdles that Arcimoto has faced so far is simply convincing enough riders to fork over $20k for the funky-looking vehicles. Mass production is said to eventually be capable of dropping the price closer to $12k, but in the meantime the specialized vehicles have proven to be expensive alternatives to traditional electric cars. While there’s certainly some fun differentiators in the design, the open-sided two-seaters lack much of the utility of conventional cars.
But Arcimoto hasn’t only focused on consumers. The company has also targeted commercial customers with a cargo version of the vehicle known as the Deliverator. It swaps the rear seat for a large storage box that can be used for food delivery, parcel service or a number of other utility tasks.
Electrek’s Take
I’m definitely excited to hear that Arcimoto managed to find the funding to stay afloat, and I hope it’s enough to get the company back on its feet.
I think there’s promise here, and that if Arcimoto can survive to reach higher volume production and drop the price to its $12k target, then the company could see a serious increase in demand.
The difference between $12k and $20k is huge, especially for a vehicle that is more of a second car than a first car for most families.
Is it a sensible purchase for most people? Probably not. It’s more of a splurge for eccentric folks right now. But having experienced the FUV and its top-chopped Roadster cousin, I can firmly say that anyone who tries one will enjoy it!
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Leading electric vehicle analyst, author, and industry thought leaders Loren McDonald and Bill Ferro stop by Quick Charge to discuss EV Adoption’s acquisition by Paren, the “crisis” of EV charging reliability, and the real state of the EV market.
Depending on who you listen, EVs are either driving brands to record growth and are about cross that critical 10% of the overall market nationwide, or the future is bleak, the market is down, and EVs just aren’t selling. What’s really going on? Loren and Bill (probably) have some answers.
Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations site wide. Click here to learn more.
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Read more: All my favorite EVs, racecars, and robots from Electrify Expo Austin.
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Chevy EV owners in Texas who have Reliant as their electric utility can now charge for free at night with renewable energy.
Over 150 Chevrolet dealerships across Texas are now offering the Reliant Free Charge Nights plan to new EV buyers. With Free Charge Nights, customers can offset their charging costs by receiving credits for electricity used between 11 pm and 6 am. The plan is powered entirely by renewable energy, thanks to the purchase of renewable energy certificates (RECs).
Rasesh Patel, president of NRG Consumer, says the plan is about making power personal: “We’re excited to help Chevrolet EV drivers offset the cost of charging their vehicle all while having access to a renewable electricity plan.”
This collaboration aims to make EV adoption more appealing by making charging cheaper and greener. GM Energy’s chief revenue officer, Aseem Kapur, emphasized that partnerships like this help build the ecosystem needed to support an all-electric future: “The Reliant Free Charge Nights plan is a great example of how an automaker and an energy company can work together to make EV adoption an easy decision.”
Existing Reliant customers can also sign up for the Free Charge Nights plan. To get started, Chevrolet EV owners need to designate their vehicle on the GM Energy Smart Charging Portal before enrolling in the plan.
Reliant Energy, a subsidiary of NRG Energy, serves over 1.5 million customers in Texas, making it one of the largest electricity providers in the state.
Read more: Texas to get 1 GW AI-powered virtual power plant, enough to power 200,000 homes
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Texas is about to get a major power boost – a new AI-powered virtual power plant (VPP) delivering capacity equivalent to 200,000 homes during peak demand.
NRG Energy is teaming up with Renew Home to bring nearly 1 gigawatt (GW) of capacity to the Texas grid by 2035, aiming to make it more resilient while helping residents save on energy costs.
The new VPP will rely on hundreds of thousands of smart thermostats and other connected home devices, making use of AI technology provided by Google Cloud. These devices, like Vivint and Nest smart thermostats, will be offered to eligible customers at no cost. By automating HVAC adjustments, they help shift energy use to when electricity is cheaper, cleaner, and less strained.
NRG and Renew Home have big plans for the VPP. Starting in spring 2025, the companies plan to roll out the program across Texas, installing these smart thermostats in homes served by NRG’s retail electricity providers. Eventually, they plan to add home battery storage and EVs to expand the power plant’s capabilities.
Texas has faced record-breaking energy demands, with peak usage hitting 85 GW in 2023. As the state’s population grows and extreme weather becomes more frequent, VPPs like this one could play a key role in stabilizing the grid. VPPs aggregate a lot of small-scale energy resources, from smart thermostats to home batteries, and use them to help balance supply and demand during times of high stress on the grid.
This nearly 1 GW VPP will be one of the largest of its kind in Texas. NRG’s president of consumer operations, Rasesh Patel, calls it a “pivotal step” for improving customer experience while making Texas’ energy infrastructure more sustainable and resilient.
In addition to Renew Home, NRG is working with Google Cloud to maximize the power plant’s effectiveness. Google Cloud’s AI and analytics tools will help predict weather conditions, forecast renewable generation, and optimize energy usage, all of which will help make energy management smoother for both customers and the grid.
Ben Brown, CEO of Renew Home, said:
NRG’s commitment to creating a more resilient and sustainable energy future while also making electricity bills more affordable makes them an ideal partner for co-developing this unique VPP program.
This initiative raises the bar for future-proofing our electricity infrastructure and delivering cost savings to customers.
Read: Chinese solar giant Trina sells its Texas factory a week after it opens
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
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