Jesse Fittipaldi named interim Arcimoto CEO

Founder named chief vision officer; Q2 results to be announced Aug. 15

August 12, 2022 09:00 ET | Source: Arcimoto

EUGENE, Ore., Aug. 12, 2022 (GLOBE NEWSWIRE) — Arcimoto, Inc.® (NASDAQ: FUV), makers of rightsized, outrageously fun, ultra-efficient electric vehicles for moving people and stuff, today announced that Jesse Fittipaldi has been appointed to the role of Interim CEO. Fittipaldi joined Arcimoto in 2015 as the company’s Business Development Lead. From 2017 to 2020, Fittipaldi was Vice President of the Company and had been serving as Chief Strategy Officer since 2020.

“It’s an honor to lead this amazing organization, and I believe Arcimoto has the team in place to effectively lead the way in the manufacturing of rightsized EVs,” said Fittipaldi. “We endeavor to continue the vision set forth by our founder Mark Frohnmayer, who built Arcimoto from the ground up, starting with a napkin sketch and a dream to build the right tool for the job of daily driving. I will do my best to enable the entire team to fulfill its desire to make a difference in the world.”

Founder Mark Frohnmayer has been named chief vision officer. Frohnmayer founded Arcimoto in 2007 and oversaw Arcimoto’s growth from a boutique R&D studio to a leading three-wheel electric vehicle manufacturer. As Chief Vision Officer, Frohnmayer will focus on long-term strategic initiatives and key technology development programs for the future of sustainable mobility. He will continue in his role of Chairman of the Board.

“The top-notch management team Arcimoto has assembled, including seasoned veterans we have cultivated within for many years, as well as the serious rockstar talent we’ve recently brought on board, has allowed me to focus directly on what I do best: articulating the long-term vision of the company through key partnerships and future product and technology initiatives,” said Frohnmayer. “I couldn’t be more thrilled that Jesse Fittipaldi, who has been helping me build the company hand-in-hand these last seven years, from a team of five to more than 300, is now stepping up to take on the daily leadership of Arcimoto’s plan to bring clean mobility solutions to the world.”

On Aug. 15, Arcimoto management will release and discuss financial results for the second quarter ended June 30. An investor webcast Aug. 15 at 2 p.m. PDT (5:00 p.m. EDT) will include a corporate update and Q&A from investors.

Submit questions for the webcast before 6 a.m. PDT Aug. 15 at https://app.saytechnologies.com/arcimoto-2022-q2. The Say platform can also be accessed by investors via the investing app or brokerage website of their participating broker. To view the webcast, see
https://us06web.zoom.us/webinar/register/WN_qPl1haqvSJKawxYz_8tKHA.

Please login to the webcast 15 minutes early to ensure timely participation.

A playback of the webcast will be available for replay for 60 or more days on the IR section of the Arcimoto website at https://www.arcimoto.com/investor/.

Investor information about the company, including press releases, stakeholder webcast replays, and more can be found at http://arcimoto.com/ir.

About Arcimoto, Inc.

Arcimoto is a pioneer in the design and manufacture of rightsized, ultra-efficient, incredibly fun electric vehicles for everyday mobility. Built on the revolutionary three-wheel Arcimoto Platform, our vehicles are purpose-built for daily driving, local delivery, and emergency response, all at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Based in Eugene, Oregon, the Arcimoto team is dedicated to creating world-class EVs that make the world a better place. For more information, please visit Arcimoto.com.

Safe Harbor / Forward-Looking Statements

Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict and include, without limitation, our expectations as to vehicle deliveries, the establishment of our service and delivery network and our expected rate of production. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the SEC. In addition, such statements could be affected by risks and uncertainties related to, among other things: our ability to manage the distribution channels for our products, including our ability to successfully implement our rental strategy, direct to consumer distribution strategy and any additional distribution strategies we may deem appropriate; our ability to design, manufacture and market vehicle models within projected timeframes given that a vehicle consists of several thousand unique items and we can only go as fast as the slowest item; our inexperience to date in manufacturing vehicles at the high volumes that we anticipate; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; the number of reservations and cancellations for our vehicles and our ability to deliver on those reservations; unforeseen or recurring operational problems at our facility, or a catastrophic loss of our manufacturing facility; our dependence on our suppliers; changes in consumer demand for, and acceptance of, our products: changes in the competitive environment, including adoption of technologies and products that compete with our products; the overall strength and stability of general economic conditions and of the automotive industry more specifically; changes in laws or regulations governing our business and operations; costs and risks associated with potential litigation; and other risks described from time to time in periodic and current reports that we file with the SEC. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, we do not undertake any obligation to update any forward-looking statements.