Exclusive: Arcimoto's CEO On How It's Reimagining Transportation On 'Power Hour'

Arcimoto Inc (NASDAQ: FUV) represents a reimagination of transportation, CEO Mark Frohnmayer said Wednesday on Benzinga's YouTube show "Power Hour." 

The ticker symbol "FUV" stands for "fun utility vehicle" and is also the name of the company's first vehicle.

The company offers an alternative to oversized, inefficient vehicles, Frohnmayer said. 

Related Link: Three Wheels to the Future

The majority of travel is done by one or two people traveling a relatively short distance, the Arcimoto CEO said, adding that the vehicle of choice is typically a large vehicle that is designed to carry five to seven people thousands of miles. 

Arcimoto offers a more appropriate "tool for the job" when it comes to daily mobility, he said. 

The company is in the beginning stages of the process of scaling, Frohnmayer said.

"If you are looking at us on a net present value basis, you are missing the big picture," he said.

The company is aiming for a much higher scale in 2022 and beyond, the CEO said. 

Arcimoto just bought a new production facility on April 19 and plans to start production by the end of 2021, Frohnmayer told Benzinga.

Cost reduction is one of the core goals for Arcimoto as the company scales, he said.

Arcimoto raised capital in 2020, which put the company in its "best balance sheet position" to date, Frohnmayer said.

FUV Price Action: Arcimoto closed 9.53% higher at $11.03 on Wednesday. 

Photo courtesy of Arcimoto.