Arcimoto Inc (NASDAQ: FUV), the electric vehicle company, has its headquarters in Eugene, Oregon. The company is in the news for its new pilot program with the City of Encinitas to reduce its carbon footprint and move towards cleaner and renewable solutions. There has been an increasing inclination of several industries and cities towards greener adaptation of technology and solutions.
The company, announced a joint municipal pilot program with the City of Encinitas for testing its electric vehicles for use as city fleets and Encinitas Lifeguards. The company, which makes ultra-efficient, affordable, and fun vehicles for fleets and drivers, has been entrusted with the program to test Rapid Responder, Deliverator, and Fun Utility Vehicle for the city’s Infrastructure and Sustainability Departments, apart from use with the city’s Lifeguards. The effort is seen as an extension of city Mayor Catherine Blakespear to bring down the carbon footprint while also enhancing sustainable transportation.
The pilot program is spaced over 60 days. During this time duration, the company’s vehicles shall be tested by staff at City Hall, apart from Marine Safety Division. The Mayor, in her statement, said that the purpose of using these vehicles is to push effort for a greener and cleaner transportation system, which will help save the planet and work better while also ensuring lesser cost. In addition, the city mayor attempts to move towards an economical but fully electric fleet to reduce dependence on cars that burn fuel.
Arcimoto Inc (NASDAQ: FUV) has a market capitalization of $508.48 million. The company is known for its transportation that is seen as FUV. Its revenue was reported at $1.39 million in the first quarter, indicating a 126.00% increase. The company had $46.65 million cash on hand at the end of the quarter. Since the beginning of this year, there has been an increase of 6.84%, and since the previous year there has been a 97.36% rise.