Archimoto’s wild three-wheeled electric car saved from bankruptcy

Last month, we reported on the financial troubles of Arcimoto, a company that makes fun and hilarious 75 mph (120 km/h) three-wheeled electric vehicles. The company is said to be on the brink of bankruptcy as it quickly seeks additional funding to keep its factories afloat.
After being forced to suspend production and temporarily close their plant in Eugene, Oregon, Arcimoto is back this week with good news! The company is back in business after raising $12 million in a low-price instant stock raise.
With fresh cash from a painful funding round, the lights are back on and the Arcimotos FUV (Fun Utility Vehicle) is expected to roll off the line as early as next month.
FUV is not only back, but better than ever. According to the company, the new model will receive an improved steering system that improves maneuverability and controllability. The update is expected to reduce steering effort by as much as 40 percent.
I have tested FUV several times and it has been a great ride. But the first drawback that catches your eye when you sit behind the wheel is how much effort the low-speed steering requires. Handles well at high speeds. But at lower speeds, you are literally pushing the rubber across the pavement.
You can watch a video of my ride below, I tried slalom traffic cones but found it worked better if I doubled up and aimed for every second cone. I’m usually seen riding electric two-wheelers, so I can safely say that despite their unique charm, FUVs are certainly not as nimble as most of my rides.
The new update, which looks set to improve the feel of the power steering, will be rolled out to the first new models after the factories reopen.
One of the biggest hurdles Arcimoto has faced so far has been convincing riders to shell out over $20,000 for these sleek cars. Mass production is said to eventually be able to bring the price down to almost $12,000, but in the meantime, the purpose-built vehicle has proven to be an expensive alternative to conventional electric vehicles. While there are certainly some interesting differences in design, the two-seat open car lacks the practicality of a regular car.
But Arcimoto doesn’t just focus on consumers. The company also has a truck version of the vehicle called the Deliverator for business customers. It replaces the back seat with a large storage box that can be used for food delivery, package delivery, or a host of other useful tasks.
The lack of a fully enclosed cockpit is still a handicap for some of us. Their demo video of wearing side skirts on a rainy day in Oregon doesn’t take into account the wind, water spray from other vehicles like semi trailers, and the general need to keep warm unless you’re young and brave.
Most motorcyclists don’t ride in bad weather, but real doors make it possible. The full door also has a basic anti-theft function. In this respect, Half Door is too similar to a convertible.
Many years ago, Arcimoto had a prototype with full-length doors, but for some reason, he abandoned it. If they were stationed in a dry desert, I would see more of their half-open mentality, but cars are being stolen everywhere.
Seal those cars (roll down the windows if you like) and more customers will be interested, really! A price tag of around $17,000 would also be more desirable, and increased sales could make that price affordable.
I am very happy to hear that Arcimoto has been able to find funding to stay afloat and I hope this will be enough to get the company back on its feet.
I think there is hope here, and if Arcimoto can survive to reach high volumes and bring the price down to its $12,000 target, the company could see a significant uptick in demand.
The difference between $12,000 and $20,000 is huge, especially for a car that is more of a second car than a first for most families.
Is this a smart buy for most people? Probably no. It’s more like a bust for eccentrics these days. But after getting to know the FUV and its top-notch roadster, I can firmly say that anyone who tries it will love it!
Micah Toll is a personal electric vehicle enthusiast, battery lover, and author of the #1 Amazon selling books DIY Lithium Batteries, DIY Solar Energy, The Complete DIY Electric Bicycle Guide, and The Electric Bicycle Manifesto.
The e-bikes that make up Mika’s current daily riders are the $999 Lectric XP 2.0, $1,095 Ride1Up Roadster V2, $1,199 Rad Power Bikes RadMission, and $3,299 Priority Current. But these days it’s a constantly changing list.