Electric vehicle (EV) maker, Arcimoto, has halted production at its factory in Eugene, Oregon, citing financial struggles and the potential need for bankruptcy protection. In a regulatory filing, the company announced plans to sell $12 million in additional shares at a price of $3 each, a significant decrease from its trading value just the day before. The company also stated that it will require "substantial" additional funding to resume production, but warned that it may not be able to secure it on acceptable terms. This news sent the company's stock plummeting more than 50%, and it is currently trading at around $2.50 per share. Arcimoto's main product is a three-wheel electric vehicle (EV) called the Fun Utility Vehicle (FUV), which has struggled to gain mass-market appeal. Over the last six months, the company has only delivered 115 FUVs to customers and manufactured 252 units during that same time period. In an effort to expand the market for the FUV, Arcimoto has created a prototype "Rapid Responder" version of the vehicle, targeted at first responders such as police, fire departments, and campus security teams, as well as the "Deliverator" version, aimed at last and local mile deliveries. Despite these efforts, the company has struggled to increase sales, and its valuation has dropped from over $1 billion to around $6.5 million. Arcimoto's decision to halt production and the potential need for bankruptcy protection is a stark reminder of the challenges facing EV manufacturers, particularly those attempting to break into a market dominated by established players. The future of the company and its innovative FUV remains uncertain, and it will be important to closely monitor developments as they unfold. #Arcimoto #EV #bankruptcy