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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It’s been a decidedly weird month in the heavy truck world, and it just keeps getting weirder. Hydrogen shipping startup Hyroad Energy has acquired Nikola Motor’s hydrogen assets and IP, including 113 HFCEV semis, spare parts, and refueling infrastructure.
Hyroad Energy calls itself a leader in hydrogen-powered Class-8 trucks and trucking-as-a-service solutions, and aims to deliver, “reliability, safety, and cost-efficiency for superior results,” according to the company’s website. “We help fleets embrace hydrogen power without the complexities of going it alone. We manage the risks, finance the assets, and leverage economies of scale to drive down costs.”
Those claims became a lot more credible last week, when the company grew its hydrogen semi fleet from (apparently) 0 to 113 Class 8 semi trucks following the acquisition of Nikola’s orphaned hydrogen assets, which include the trucks, a number of spares, and the operational infrastructure needed to keep them on the road.
Hyroad CEO Dmitry Serov says that this acquisition, “significantly advances Hyroad’s mission to provide turnkey hydrogen trucking solutions that reduce the complexity and risk typically associated with adopting zero-emission technologies,” adding, “these trucks and the corresponding equipment and systems represent immediate capacity to put proven hydrogen fuel cell technology on the road to meet demand for zero-emission trucks.”
The company plans to deploy its newly-acquired fleet assets in California, initially, where some hydrogen refueling infrastructure already exists. More importantly, though, the company says it fully intends to support any Nikola hydrogen trucks already in service, in a bid to promote continuity and market growth for hydrogen-fueled commercial vehicles.
Electrek’s Take
The great Tymme Switzer once told me that you could judge a person based on whether or not they would do the right thing when they could get away with doing the wrong thing. In this case, Hyroad seems like it’s going to help – or, at least, try to help existing Nikola customers who have been struggling with their trucks to keep their hydrogen trucks on the road.
Say whatever you want about hydrogen (you know where I stand), but compare Hyroad’s verbal commitment to the hydrogen community to Lion Electric’s calculated abandonment of its customers and callous indifference towards the school districts it fleeced, and continue to judge accordingly.
SOURCE | IMAGES: Hyroad, via ACT News.
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Key Biscayne, a small barrier island off the coast of Miami, has become one of the only places in the United States where all electric bikes are completely banned, regardless of speed class, rider age, or motor power.
This week, the village council voted 4-3 to keep its sweeping e-bike ban in place, rejecting a proposed measure that would have repealed the restriction and allowed adults to ride electric bicycles on the island. The vote effectively makes permanent a controversial emergency ban enacted last year, which was originally framed as a temporary public safety measure following the death of a local cyclist.
Under the current rule, no electric bicycles of any kind are allowed anywhere in Key Biscayne, including Class 1 pedal-assist bikes that are legal on most public bike paths across Florida. The ban applies to both residents and visitors and has been enforced with warnings and fines.
Before the vote, there was major support for repealing or modifying the e-bike ban. Even the Key Biscayne Police Department had recommended loosening the ban, suggesting that the village adopt a more balanced policy allowing adults to ride responsibly while continuing to restrict use by minors. Despite that recommendation, the council chose to maintain the full prohibition.
The issue has deeply divided the affluent community, where many residents support the ban due to concerns about reckless youth riders and congestion on narrow paths. Others argue that the policy is overly broad and punishes responsible adults, tourists, and commuters who rely on e-bikes as a sustainable and accessible transportation option.
With no exemption even for low-speed pedal-assist bikes, Key Biscayne stands out as a rare enclave where electric bicycles remain entirely illegal – one of few in the US – highlighting the growing tensions around e-mobility in tight-knit communities grappling with safety, access, and change.
What do you think? Should e-bikes be completely banned in these exclusive communities, or should there be leeway for creating common-sense laws that promote transportation while ensuring the safety of all road users?
via: NBCMiami
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Environment
Kia is launching all the cool new EVs in Europe, while the US gets put on the back burner
Why is Europe getting all the fun new electric vehicles? After its electric SUV, the EV3, has already become a top seller in Europe, Kia is doubling down with new models, like the EV5 and EV4. Thanks to the new tariffs, Kia is pushing for EVs in Europe while the US gets left on the back burner.
Which EVs is Kia launching in Europe and the US?
After launching the EV3 in late 2024, Kia’s compact electric SUV “started with a bang,” as the most popular retail EV in the UK in January.
Through the first half of the year, the Kia EV3 has remained the UK’s best-selling EV among retail customers, with nearly 6,300 registrations. Including commercial vehicles, it was the fourth most popular EV overall.
Kia looks to build on its success with a flurry of new EVs on the way. After opening orders for the EV4 hatchback in June, its first all-electric hatch, Kia introduced the Fastback version, or sedan model, less than two weeks later.
And then, last month, we got our first look at the upgraded EV5, the European version of Kia’s Tesla Model Y-sized electric SUV, which has been on sale in China since 2023.
Kia plans to begin EV4 deliveries in Europe in September. The hatchback will be the first EV Kia builds in Europe at its Zilina plant in Slovakia. Kia said the move will speed up deliveries. However, the sedan will still be built in South Korea.
The EV5 will arrive in Europe later this year. Kia is launching the EV5 in North America in early 2026, but it will be “exclusive to the Canadian market.”
Next year, Kia will introduce the smaller, more affordable EV2. The EV2 will sit underneath the EV3 as Kia’s new entry-level electric vehicle.
Outside of the EV4, which Kia will launch in the US in early 2026, no other models have been confirmed for the US. Although it was spotted testing in the US again this week, the last official release from Kia specifically said the EV5 will be exclusive to the Canadian market in North America.
The EV4 will arrive, but only as a sedan. It will feature up to 330 miles of driving range and a built-in NACS port for charging at Tesla Superchargers.
Kia has yet to reveal prices, but the EV4 is expected to start at around $35,000. In the UK, the hatch starts at £34,695 ($47,700) with up to 388 miles WLTP driving range. The Fastback, or sedan variant, is priced from £40,895 ($55,000) with a driving range of up to 380 miles.
And that’s not even touching the PV5, Kia’s first electric van. Kia is launching the PV5 Passenger and Cargo models across Europe, but whether it will arrive in the US is still up in the air.
Electrek’s Take
Kia’s decision to prioritize Europe over the US is thanks to the Trump Administration’s new tariffs on vehicle imports. Imported vehicles from South Korea are subject to a 15% tariff.
On top of this, the $7,500 federal tax credit is set to expire at the end of September, which will make the US EV market even more competitive.
Kia’s electric vehicle sales are already down significantly this year. Through July, Kia has sold nearly half as many EV9 and EV6 models as it did in 2024. The Korean auto giant is expected to offset slower EV sales in the US with new models arriving in Europe.
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