A Eugene company that makes electric vehicles lost millions of dollars last year, according to recent financial filings. But its new CEO says the company could still eventually turn a profit.
Arcimoto manufactures low-cost, lightweight vehicles with three wheels. It was founded in 2007 with the goal of making sustainable transportation affordable.
However, by the end of 2022, the company’s cash supply fell to just $450,000, down by $16,000,000 in less than a year. And it’s laid off two-thirds of its employees in the last year.
In a financial filing this month, a consulting firm expressed “significant doubt” about the company’s ability to continue operating.
But the newly appointed CEO, Chris Dawson, insists Arcimoto can still become profitable.
“We need to zero in on our key three products, and really build the foundation of the business,” he said. “And then we can earn the right to continue to iterate and innovate.”
Arcimoto reopened its Eugene factory in February after obtaining new funding. Dawson said the company will focus on keeping overhead costs low.
According to Dawson, the company has matched previous production numbers with fewer employees, and it is not currently at risk of bankruptcy.