Arcimoto reanimated, saving the fast three-wheeled electric vehicles from bankruptcy

Published

2 years ago

February 24, 2023

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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.

arcimoto FUV charging — Arcimoto has started offering half doors as an option

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.

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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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Beta Technologies founder completes first test flight in its production-intent eCTOL [Video]

Published

4 hours ago

November 14, 2024

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Beta Technologies founder completes first test flight in its production-intent eCTOL [Video]

All-electric aircraft developer BETA Technologies has shared another important milestone in bringing its first two vessels to market. Most recently, BETA’s founder, CEO, and test pilot Kyle Clark took the production version of its ALIA eCTOL up for its first flight, as seen in the video below.

BETA Technologies is a fully integrated electric aircraft and systems developer based in Vermont. Three years ago, it debuted its first electric vertical takeoff and landing (eVTOL) aircraft, the ALIA–250. That BETA vessel has since been renamed the ALIA VTOL and completed a piloted test flight transitioning mid-air this past April.

In addition to the ALIA VTOL, BETA has also been developing an electric conventional takeoff and landing (eCTOL) plane called the ALIA CTOL. To date, it has flown tens of thousands of test miles en route to evaluation flights for FAA certification. That aircraft is targeting full approval for commercial operations by 2025.

As BETA moves closer to bringing the ALIA CTOL to the public, it has completed its first bonafide production build in South Burlington. Following a Special Airworthiness Certificate from the Federal Aviation Administration (FAA), BETA has successfully taken its production-ready ALIA CTOL up for a test flight, piloted by its founder and CEO.

Watch BETA’s founder complete a CTOL test flight

BETA Technologies shared details of its first successful production CTOL test flight today alongside the images above and the full video below.

Once the production-intent build of the ALIA CTOL was complete, the FAA inspected the aircraft for safety and compliance before granting BETA a Multipurpose Special Airworthiness Certificate for Experimental Research & Development, Market Survey, and Crew Training, signing-off approval for test flights.

On November 13, BETA CEO, founder, and test pilot Kyle Clark conducted the first test flight of the ALIA CTOL aircraft, which lasted nearly an hour. The test included a conventional runway takeoff before the aircraft climbed to 7,000 feet.

While in the air, Clark tested the aircraft’s handling qualities, stability, control test points, and initial airspeed expansion before completing several approaches ahead of a normal landing. Clark spoke following the successful flight:

This start of our production CX300 flight test campaign is a result of years of hard work and focus on studying customer requirements, hard engineering, manufacturing, production, quality and test. It represents a significant milestone for BETA, and is the beginning of an exciting new phase for the business. With this, we’re one step closer to putting this technology into the hands of our customers.

We learned a lot from this first production build. We weren’t just building an aircraft company, we were building and refining a system to build high quality aircraft efficiently. This first build allowed the team to collect data and insight on manufacturing labor, tooling design, processes, yields and sequences, all of which are being used to refine our production systems.

With its production test flight campaign now underway, BETA says it will continue testing the ALIA CTOL aircraft for the standard 50 hours required before qualifying for a Market Survey and Crew Training certificate. That next certificate will enable BETA to fly outside of Burlington and Plattsburgh and continue training additional pilots on the aircraft.

The company shared it will also continue production of additional aircraft, including ALIA CTOL and ALIA VTOL configurations, the latter of which was recently teased in October. You can view footage of BETA’s CTOL flight below.

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U.S. crude oil rises, trades around $69 per barrel

Published

4 hours ago

November 14, 2024

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U.S. crude oil rises, trades around per barrel

Crude oil futures rose slightly on Thursday, with the U.S. benchmark trading around $69 per barrel, though the market outlook remains bearish.

Global crude supplies are expected to outstrip demand by more than 1 million barrels per day next year led by robust growth in the U.S., according to the International Energy Agency’s monthly market report.

Here are today’s energy prices by 8:07 a.m. ET:

West Texas Intermediate December contract: $68.92 per barrel, up 49 cents, or 0.7%. Year to date, U.S. crude oil is down more than 3%.
Brent January contract: $72.78 per barrel, up 50 cents, or 0.7%. Year to date, the global benchmark is down more than 5%.
RBOB Gasoline December contract: $1.9711 per gallon, up 0.3%. Year to date, gasoline has fallen nearly 6%.
Natural Gas December contract: $2.966 per thousand cubic feet, down 0.6%. Year to date, gas has gained nearly 18%.

UBS slashed its price forecast for global benchmark Brent to $80 per barrel from $87 previously on weakening demand in China, the world’s largest crude importer.

OPEC on Tuesday cut its demand growth forecast for the fourth month in a row earlier this week.

U.S. crude oil has shed about 4% and Brent is down 3.5% since Donald Trump won the U.S. presidential as the dollar has surged. A stronger U.S. dollar can depress oil demand among buyers that hold other currencies.

Don’t miss these energy insights from CNBC PRO:

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Loren McDonald stops by Quick Charge to discuss EV charging, Paren, and more

Published

15 hours ago

November 14, 2024

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Loren McDonald stops by Quick Charge to discuss EV charging, Paren, and more

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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