Arcimoto warns it will miss full-year production forecast

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franckreporter

Arcimoto (NASDAQ: FUV) doubled its revenue in the second quarter to $1.5 million as it began ramping up production.

The electric vehicle maker said it produced 102 new customer vehicles to mark its highest quarterly vehicle production ever.

FUV delivered 41 customer vehicles in the second quarter and deployed 4 vehicles in fixed assets for marketing and deployed 20 vehicles in rental operations, as well as the increase in finished goods inventories to 55 vehicles from 18. Arcimoto (UVF) also produced 20 rental vehicles. The rental program now totals 98 rental vehicles at 11 Arcimoto rental locations and rental partners in 5 states.

During the quarter, Arcimoto (FUV) at one point reached a production rate of six vehicles per day, which it says represents an annual rate of 1,200 vehicles per year.

Arcimoto (FUV) ended the quarter with $65.6 million in assets, $5 million in cash and total liabilities of $22.5 million.

Looking ahead, FUV expects gross profit to improve as the company continues to increase production volume and implement key cost reduction initiatives. However, due to supply chain headwinds, Arcimoto (FUV) warned that it will not meet its full year production guidance.

“More important than the total number of vehicles produced while we remain in a gross margin deficit is that we expect to reach the production rate of 12 vehicles per day by the end of the year, which represents an annual rate of 2,400 vehicles per year.”

FUV shares rose 0.98% in after-hours trading at $3.08.


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