Arcimoto Inc. Strengthens Focus Through Commercial Partnership and Joint Investment Agreement with Faction Technology Inc. to Co-Develop Driverless Vehicle Platforms
09 Mai 2023 - 1:00PM
Arcimoto, Inc. (NASDAQ: FUV) the leading North American
manufacturer of ultra-efficient and affordable electric vehicles
and Faction Technology, Inc. a self-driving technology provider,
today announced a strategic and joint investment agreement to scale
driverless vehicle fleets.
The agreement builds upon a long partnership between the two
companies and will further enhance Arcimoto’s position in the
passenger, commercial and industrial mobility market by adding
strong innovation capabilities in driverless vehicle technology
from Faction.
The combination of Faction's DriveLink® and TeleAssist®
technologies allows Arcimoto platform vehicles to integrate
vehicle-side AI driving capabilities blended with best-in-class
remote human teleoperation. This combined technology stack builds
on the core strengths of the Arcimoto platform, including a top
speed of 75 mph and a range of just over 100 miles. Faction’s
technology can be applied to any variant of the Arcimoto vehicle,
providing a customizable and versatile solution for fleet customers
in the logistics and transportation sectors. By integrating their
respective technologies, Arcimoto and Faction aim to offer a highly
efficient, eco-friendly, and cost-effective solution for urban
mobility, while also reducing carbon emissions.
Chris Dawson, Arcimoto CEO, said, “Arcimoto’s mission to deploy
ultra-efficient electric vehicles at scale is now further
strengthened by incorporating Faction's pragmatic blend of on-board
vehicle AI and remote human supervision technology into our
platform. Combining Arcimoto's robust engineering capabilities with
Faction's self-driving technology will enable us to provide highly
customizable, sustainable and cost-effective transportation
solutions to commercial customers. This commercial agreement
memorializes a significant step forward together and we are excited
for our continued collaboration.”
The combination of Faction’s technologies and Arcimoto’s current
and new vehicles will provide customers with autonomous
technologies, allowing them to be more sustainable and energy
efficient.
"Developing a scalable driverless vehicle system requires a
fundamental shift of the engineering design, starting from the
chassis up. Partnering with Arcimoto allows us to accelerate the
deployment of driverless fleets, far surpassing the capabilities of
legacy vehicle designs,” stated Ain McKendrick, CEO of Faction.
“The Arcimoto platform has been thoughtfully designed with
scalability and driverless technology in mind, making it an ideal
platform for the integration of self-driving technology. The
collaborative efforts of our engineering teams have resulted in a
plan for the mass production of scalable driverless vehicles with
minimal configuration changes to the expanding Arcimoto production
line.”
Faction and Arcimoto have identified fleet customers in the
logistics and transportation sectors as their primary target market
for their driverless electric vehicle solution. Both companies
share the belief that right-sizing these vehicles will provide a
significant boost in efficiency, reduce carbon emissions and offer
cost savings over existing urban mobility offerings. The
combination of Faction's self-driving technology with Arcimoto's
ultra-efficient and affordable electric vehicles offers a highly
scalable solution that can be quickly deployed to meet increasing
demand for efficient transportation.
Minority Investment AgreementIn addition to the
expanded commercial development relationship, Arcimoto and Faction
have announced an investment agreement that provides a minority
investment in each other. Under the agreement, Arcimoto will
receive one or more SAFE notes for an aggregate total of up to 10%
of Faction in exchange for an equity stake in Arcimoto. The
partnership aims to leverage the strengths of each company to drive
innovation and growth in the electric vehicle and driverless
technology space, with a focus on being the most eco-friendly and
socially responsible solutions for mobility. The investment
agreement memorializes the mission alignment of both companies as
they continue to pursue their shared vision of a more sustainable
future.
About Faction Technology, Inc.Faction is a
Silicon Valley startup that develops driverless solutions based on
light electric vehicles. Founded in February 2020, Faction is on a
mission to revolutionize micro-logistics and vehicle-on-demand. The
company believes the future of sustainable transportation is to
enable driverless vehicles that are safe, cost-effective, and
right-sized to serve a range of use cases for business and
passenger transportation needs. For more information visit
www.faction.us
About Arcimoto, Inc.Arcimoto (NASDAQ: FUV) 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,
its vehicles are purpose-built for daily driving and local
delivery, 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.
Media Contacts
ArcimotoMegan Kathman(651)
785-3212pr@arcimoto.com
Faction / Spark PRpress@faction.us
Safe Harbor / Forward-Looking StatementsExcept for historical
information, all 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/2ee0e2fe-7a3c-43e5-88e7-032e5b257ef3
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