SAN FRANCISCO & EUGENE, Ore.--(BUSINESS WIRE)--May 9, 2023--
Today, Faction Technology, Inc., a self-driving technology provider for low-cost driverless fleets, and Arcimoto, Inc. (NASDAQ: FUV), the leading North American manufacturer of ultra-efficient and affordable electric vehicles, announced a strategic and joint investment agreement to scale driverless vehicle fleets.
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Self-driving Faction vehicles developed on the Arcimoto EV platform (Photo: Business Wire)
The combination of Faction's DriveLink® and TeleAssist® technologies allows Arcimoto platform vehicles to integrate driverless capabilities with the ability for remote human teleoperation. This driverless vehicle system is designed to maintain 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 economical solution for urban mobility, while also reducing carbon emissions.
“Developing a scalable driverless vehicle system requires a fundamental reimagining 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 vehicle platform has been thoughtfully designed with scalability 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 driverless vehicles with minimal configuration changes to the 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.
Chris Dawson, Arcimoto CEO said, “Our shared mission to deploy ultra-efficient electric vehicles at scale is now further strengthened by incorporating Faction's advanced technology into our platform. Combining Arcimoto's robust engineering capabilities with Faction's self-driving technology enables us to provide highly customizable, sustainable, and cost-effective transportation solutions to commercial customers. This milestone in our partnership marks a significant step forward in our goal to revolutionize the urban mobility landscape, and we are excited to see the results of our continued collaboration.”
In addition to the expanded commercial development relationship, Arcimoto and Faction have announced an investment agreement that allows the companies to take an equity stake in each other. Under the agreement, Arcimoto will make a strategic investment in Faction and Faction will receive 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 is expected to benefit both companies as they continue to pursue their shared vision of a more sustainable future.
For more information visit www.faction.us and www.arcimoto.com.
About Faction
Faction Technology, Inc. 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 right-sized, 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.
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. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this press release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230509005577/en/
CONTACT: Faction / SparkPR
press@faction.usArcimoto
Megan Kathman
(651) 785-3212
pr@arcimoto.com
KEYWORD: CALIFORNIA OREGON UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY FLEET MANAGEMENT AUTOMOTIVE MANUFACTURING EV/ELECTRIC VEHICLES MANUFACTURING ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE AUTONOMOUS DRIVING/VEHICLES ARTIFICIAL INTELLIGENCE TRANSPORT ENVIRONMENT SOFTWARE HARDWARE LOGISTICS/SUPPLY CHAIN MANAGEMENT
SOURCE: Faction Technology, Inc.
Copyright Business Wire 2023.
PUB: 05/09/2023 07:00 AM/DISC: 05/09/2023 07:01 AM
http://www.businesswire.com/news/home/20230509005577/en
