Wild 3-wheeled electric vehicle teetering on brink of bankruptcy. Here’s why
Arcimoto was once the darling of the electric vehicle startup world, riding a green wave of EV investments to a $1 billion valuation in 2021. But the Eugene, Oregon-based electric automaker has since experienced a slow and arduous fall from grace. After multiple bumps in the road, a potential sinkhole may have opened in front of the company in the form of looming bankruptcy.
Arcimoto’s three-wheeled electric vehicles, dubbed the Fun Utility Vehicle or FUV, were once touted as cost-effective alternatives to pricier luxury electric cars.
The $20,000 three-wheelers weren’t actually full-fledged cars, at least not according to the local DMV. Despite reaching highway speeds, the trike design put them in the motorcycle (and sometimes autocycle) category with reduced regulatory hurdles. That helped keep prices down compared to “real” electric cars, but it never seemed to manifest into the kind of demand that Arcimoto had hoped for.
The company had hoped that reaching mass production would help it drop the price to $12,000, but despite lofty promises, that mass production never materialized.
Arcimoto moved into a larger production facility last year but has now been forced to pause production entirely due to insufficient funds. Arcimoto fell short of its production goals last year, and in the last six months produced just 252 vehicles. Only 115 vehicles were delivered to customers, according to The Oregonian.
Despite laying off and furloughing over 100 employees last year, the company’s expensive US-based production could no longer be sustained.
In a last-ditch effort to raise funding, yesterday Arcimoto announced the sale of $12 million in stock at just $3 per share, or less than half of the stock price at the time. That caused the publicly traded company’s stock price to plummet. Despite closing at $6.21 per share on Tuesday, Arcimoto’s price on the NASDAQ had dropped to just $2.48 at market close the next day.
The company explained in a regulatory filing accompanying the raise that without funding, the company’s future was at stake. Arcimoto explained that it had “halted our production of vehicles and will require substantial additional funding to resume production.” The company continued by stating that if additional funding was not raised, “we will be required to cease our operations and/or seek bankruptcy protection.”
The devastating news comes at a time when Arcimoto had been in development of a new three-wheeled micro-mobility vehicle designed to improve up on the stability of more conventional electric bicycles. Many had hoped that this new three-wheeled leaning e-bike could have have found much more mass-market appeal than the larger FUV.
We’ve reached out to representatives for Arcimoto for comment, but have not heard back by the time of publishing.
Electrek’s Take
The news of Arcimoto’s precarious financial standing is unfortunate, but not altogether surprising considering the FUV’s inability to find the demand it required for mass production.
It’s not that the vehicle wasn’t impressive. I’ve taken test spins in FUVs multiple times and have always enjoyed the experience in what felt like a high-power street-legal go-kart. Electrek’s Jameson Dow also wore a big grin after his own test drive experience (see below).
The problem is that the FUV never seemed to break out of that “funmobile” niche, despite Arcimoto’s extensive efforts to roll out utility, delivery, and first responder versions of the vehicle.
Average commuters didn’t seem to embrace the idea that such a fun, open-air vehicle could be a true car replacer. Most owners used their Arcimotos as second and third vehicles, taking the FUV out for joyrides or using it for specific tasks that fit a two-seater open-air vehicle.
As something of a compromise between a car and a motorcycle, the FUV still suffered from the downsides of both as well, being too wide to lane split during traffic jams but too small and exposed to provide the extra safety and protection benefits of a car. And while I personally have always had a blast driving Arcimoto vehicles, the company just doesn’t seem to have been able to translate the joy of driving into a thick order book and deliveries.
I’d love to see Arcimoto find the right funding or a buyer in the 11th hour to turn things around and save the company. But if that doesn’t happen and things go south, I’ve got no doubt in my mind that the FUVs already on the road will eventually become collector’s items. They’re just too cool and too rare not to. Think of Tuckers, DeLoreans, and other cars from out-of-the-box and forward-thinking car makers that just couldn’t find the financing to sustain production for more than a few years. So if you’ve got one now, you might want to hold onto it.
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Rivian (RIVN) had the best-selling electric van in the US last year, topping Ford for the title. The electric delivery van (EDV) is rolling out across the US through its partnership with Amazon, but Rivian is expanding with new customers.
Rivian EDV was the best-selling electric van in the US
With over 51,500 electric vehicles delivered in 2024, Rivian beat expectations. Although it was only slightly higher than the 50,122 delivered in 2023, things picked up in the second half of the year.
Rivian shut down its manufacturing plant in Normal, IL, last April to introduce new upgrades designed to cut costs and increase efficiency.
To make matters worse, Rivian had to temporarily pause electric van production last summer due to a part shortage.
After releasing fourth quarter and full-year 2024 delivery and production figures in early January, Rivian said, “The previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint.”
New Kelley Blue Book estimates show that Rivian outpaced Ford with America’s best-selling electric van in 2024.
| Q4 2024 sales | YOY | Full-year 2024 sales | YOY | |
| Rivian EDV | 4,397 | +84.1% | 13,423 | +65.9% |
| Ford E-Transit | 3,354 | +56.5% | 12,610 | +64.4% |
Rivian sold 13,423 electric vans in the US last year, up 67% from 2023. In comparison, Ford sold 12,610 E-Transit vans in the US in 2024. In the fourth quarter, Rivian outpaced Ford, with nearly 4,400 EDVs sold compared to 3,354 E-Transit sales.
The accomplishment comes despite Ford introducing the updated E-Transit last March with a bigger battery and faster charging. In October, the 2025 E-Transit hit the market with the same price as “comparable gas Transit models,” according to Ford, starting at $51,000.
Rivian has already secured a commitment from Amazon for up to 100,000 EDVs, but it also offers its commercial van (RCV), which is designed for other companies.
Over the past few weeks, Rivian electric vans with different brandings have been spotted testing, including logistics giant DHL.
As the Rivian scales production, its R1S electric SUV was also the tenth best-selling electric vehicle in the US last year.
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A young EV startup called TELO Trucks has announced a partnership with solar EV developer Aptera to utilize the latter’s sustainable technology on its flagship vehicle, the MT1 compact pickup. Customers who pre-order a TELO electric truck will be able to choose from three Aptera solar panel configurations, helping boost the vehicle’s range while reducing grid dependency—as long as these BEVs get made.
TELO Trucks was founded by three gentlemen with various backgrounds in automotive technologies and creative design, including autonomy and ADAS at National Instruments and Roadster development during Tesla’s early days.
The startup launched its flagship MT1 compact electric pickup truck in June of 2023, which looks like an exciting exercise in space optimization. The MT1 features the bed capacity and crew cabin of a standard pickup truck within an impressively shortened vehicle length of 152 inches. As you can see in TELO’s image below, the MT1 offers the same interior cabin space and bed length as a Toyota Tacoma in the footprint of a MINI Cooper.
Since its unveiling, TELO says it has garnered over 4,550 pre-orders of the MT1, which is currently available in single and dual motors configurations, and the option for a long-range battery pack that promises a range upwards of 350 miles.
Soon, TELO will offer early customers additional options in its truck configurator – solar panels from Aptera Motors.
TELO to offer Aptera solar panels on its truck pre-orders
Aptera shared a blog post outlining the details of its new collaboration with TELO Trucks, which entails integrating solar panels of varying configurations into the MT1s that remain in development at this point. The partnership will enable TELO to offer pre-order customers the option to add up to three Aptera solar panel kits to their truck configuration:
- Rooftop Truck Cab Solar Paneling – Integrated panels over the cab maximize daily energy generation.
- Tonneau Truck Bed Cover Solar Paneling – A solar-equipped bed cover adds power while preserving storage versatility.
- Camper Shell Solar Paneling – Panels extending from the cab over the bed increase charging capacity and storage options.
Aptera says its proprietary solar panels can generate up to 200 watts when exposed to peak sunlight, translating to about 1 to 2 kWh of free energy from the sun per day, depending on the location of the vehicle and the given season. This partnership news follows a successful showing from the solar EV startup at CES 2025 in Las Vegas as it continues to trudge forward in hopes of reaching scaled SEV production.
Although Aptera’s flagship solar EV is further down the development path than the TELO truck, both are trying to pave a new path in sustainable mobility and have paired up in hopes of continuing that uphill battle together. Per Aptera co-founder and co-CEO Steve Fambro:
Our unique curved solar cell design makes it the perfect application to propel automotive utility further than ever before. Together with TELO, we’re harnessing the power of the sun to make life off the grid a reality for everyone by putting the sun to work for them.
TELO and Aptera shared that the three solar panel options outlined above will become available on MT1 truck pre-orders later this year. TELO says its first fully realized drivable truck prototype is being assembled now by Aria Group, so hopefully, we can move on from renderings and see some bonafide production-intent solar electric trucks soon. TELO co-founder and CEO Jason Marks also spoke:
Whether buyers are looking for a commuter vehicle, a safer, more sustainable option to serve their family’s needs, a rugged, dependable pickup truck for outdoor adventuring, or a highly-functional fleet & vehicle that increases their business’s efficiency, TELO continues to be a first-in-class automotive option to satisfy the many needs of car buyers.
For now, you can reserve a TELO MT1 for $152 – a nod to the overall length of the stubby pickup.
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A group of Oklahoma solar farms collectively generating a whopping 724 megawatts (MW) will power Google’s data center operations and artificial intelligence (AI) with long-term power purchase agreements.
Leeward Renewable Energy announced that the solar farms are strategically sited to support Google’s operations and bolster Oklahoma’s grid.
Construction has begun on the 372-MW Mayes County Solar Portfolio, located within a mile of Google’s data center in Pryor, Oklahoma, northeast of Tulsa. Together with the 152.5 MW Twelvemile Solar Project 1 & 2 and the 200 MW Twelvemile 3 Solar Project in southern Oklahoma, the projects total 724 MW of solar capacity.
The Mayes County Solar portfolio is capable of powering the equivalent of over 865,000 homes annually and avoiding over 3.7 million metric tons of CO2 emissions over the term of the power purchase agreement.
Leeward Renewable Energy purchased the Mayes County Solar Portfolio earlier this year from Red River Renewable Energy. The energy generated by the solar portfolio is delivered to Oklahoma’s largest utility, Grand River Dam Authority, which will power Google’s data center with clean energy.
The Mayes County Solar Portfolio includes three solar projects: 145 MW Salt Branch Solar, 125 MW Huckleberry Solar, and 102 MW Mayes Solar. Together, these projects will create over 300 construction jobs and generate an estimated $76 million in tax revenue for Mayes County over their lifespans – funds that will go toward essential county initiatives and schools. More than $60,000 has already been donated to local organizations like the Red Cross, the Chamber of Commerce, and other key services, giving an extra boost to community resources. They’re expected to come online by the end of the year.
“By partnering with Grand River Dam Authority and Leeward Renewable Energy, Google is furthering its ambition to power our facilities, including those in Oklahoma, with carbon-free energy around the clock by 2030,” said Amanda Peterson Corio, global head of data center energy at Google. “These power purchase agreements demonstrate how our scalable procurement approach is transforming the acquisition of clean energy and accelerating the development of carbon-free energy sources.“
In August 2024, research released by CBRE Group found that the amount of data center supply under construction in North America’s top markets jumped by about 70% year-over-year to a record 3.9 gigawatts of power, Reuters reported.
Read more: 3 of Oklahoma’s first NEVI EV charging stations will be Tesla Superchargers
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