Recent FUVV transcripts
Associated FUVV filings
Greg Falesnik | MD, MZ Group North America |
Mark Frohnmayer | Founder, President, CEO & Chairman |
Welcome to the Arcimoto Third Quarter 2019 Earnings Webcast. [Operator Instructions]. The conference is being recorded today, November 14, 2019, and the earnings press release accompanying this webcast was issued at the open of market today.
At this time, I'll play a brief core product video, and now over to you, Mark.
Thanks, Greg, and yes. good in everyone, world. to morning, afternoon, the somewhere Good the of do I'm update And our quarter product into ahead state usually the I the each followed and accomplishments these by three dive portfolio latest as I questions. of our open on it calls, current to in play going then road and specific before to up
think, quarter is, I hard three Arcimoto's it the of to So significance history. in XX-year overstate
introduction basic looks-like, years footprint that to seven push the of the the to very certification define factory the of Utility public the customers. then platform ultimately, three the and first product and quarter Fun and The retail we build, to to of the works-like offering delivery conclusion into going were a build first production development our testing go the of of Arcimoto prototypes, and and in Vehicle
September into testing of on XX vehicle durability, culminating compliance the laboratory tested all we and certified various test of market vehicles, this XX vehicles, last the just ETA properly. and vehicle then this did with to chassis testing the against testing then partners, year, of test and to different test standards and We the year. basic just test for introduction -- In whole function in FMVSS of performed the It's we for motorcycle-class as built processes. range from fixtures the seatbelts. its numerous We the a FCC sled the tested roof vehicle electromagnetic additional including components for seatbelts salt lot of We XXXa testing roof testing such automobiles. the for did everything to crush reliability anchorages spray voluntarily fog, make for ton and a sure added tests all for final the on compliance. We
vehicles, actual the to vehicles buildout just And in and really the includes what ability of building on our of communication products, and and that of in the just and then in complete one-at-a-time, organization ensuring then of go on the materials prototype Eugene road. management; tracking bill refinement an production, Coast; from road, quality putting orders; to options; for do see full sales and go slot West warranty we for recalls the delivering customers being down necessary to repairs testing the both with down and through place ability vehicle then is R&D, you vehicle service, updates factory part an the don't systems primarily materials; the part up from management; the to finally the the simply and shop as
third our massive for the Simply, that amount customers shipment and of resulted successful first of a the all time. in vehicles quarter work to first the in culminated
help catalyze dive relatively miles one going at trips. thesis basic cars. are I'm typically who daily the to sort an X is is a -- alone other exists That actually them joining the is we we use that the cars drive cars idea technically just give big with on carry stuff amount typical us sort go to time, The is small X Arcimoto way those we're So the capabilities passenger and to that of people, why to mismatched company of of the mobility, that for. of of and you first, the of into the hundred picture story, or that of first going with clean the for to shift way what for and
points. a affordable company price the built targeting very the is so And of disruption notion around
true of we're a of new affordability car. affordable the automotive average used leased new cost billion of When $XXX $XX,XXX U.S. is of of affordability that the thinking around or that billion electric the vehicles, of to the market talks affordability, when of is is about a cars, $XXX car. So world the marketplace, automotive about we The that used in number cost and think cars.
whole very beginning the the can behind we has catalyze to system, company mass sustainable need the introduce to order And so a been shift the that to from products transportation idea truly in afford. this market
shrinking doing shrinking so, in transportation, more much, efficient. by we'll also of And really much -- the something make footprint
dollars cars cases. is we have It's each market that slices one overall year. narrow focused huge. produced And architecture big is market, vehicle that the multitrillion is done build on the million big, of world's after new going So of market vehicle markets, what used XX a winning
can you building we're in almost of single you as so are that fact the as think can many of a on the products really And think platform, product. that Arcimoto So platform them similar same this products.
are our talk we're the we the the going all of shared when be our around So that family. anticipating of product, product response rapid products about processes parts and product delivery to in or XX%-plus between production that
started We out go for high-quality I we are go affordable, looking XXXX one didn't an to those that the store. that to consumer-first has I still The was and in a going company going the to started that was checks capable when the product vehicle electric for today be everyday search was that boxes. trips, of the to something exist. be and work, build really a only marketplace was wanted now brand. to daily marketplace something of vehicle
Vehicle. choice first be a consumers to of want for introduction prompted we what and So that able themselves Fun the first is that make to our the Utility
had done before, efficiency is the every price those This from to configurations. in option targets of moment for where projections become all So actuals. I've we to to everything range have that presentation
shooting for per city that for We something going to we MPGe were initially landed miles XXX So equivalent. be on driving. XXX.X was gallon
continuous We an improvement. of have philosophy internal
car this knowledge, the And introduced is a vehicle but on electric have that today to efficient done certainly every in not into yet, than, so market we're we the road more our market.
additional also features. product The has
New first One, in the here from the few our Arcimoto Rockstar drive York City, New really things during benefit earnings get So Parking. you you City we you remote a when And call, what call things. we in realize AMP. of of the one the York are
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You can see are. very clearly where you
really the a in And have with joy so experience real that you when one vehicle. is experience, that communicating of something that world of had challenge the engagement of you're really we that with the Arcimoto the things in terms
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and growth. been entirely, We almost preorders this time, over largely, have organic continued to has increase
were of We vehicle the focused saw all on organization in have three We into continued quarter quarter ducks done getting announcement marketplace, -- a preorders, zero the September into entirely saw us getting our was -- the XX do basically row off, our and the again preorders a launch, has launch. We then and X. saw some we that drop in for the with once of surge marketing.
company's the vehicles we other first multiple the now in three. sold for in sales. time vehicles have We We actual history, transit. And in quarter had X
this that continue of reporting, to about -- and build we're XX a a year. day anticipating at through we least As we'll X rate at of delivered end this the X day vehicles, had a of
to it first a response believe is for us that have a now the time we're we customers. for certainly have actually market, So is this that we the from that great product but offering seeing compelling actual important
and delivery up get you vehicles, on I our mission the clip been we whom me have list our is a a the than one, find our to some communicates the team anything preorder to we is it's that bought of that who support enthusiasm to on this that from the certainly think at had this vehicles long have So in of to going their some time. our degree to of play so just I and and customers more preorder -- very which customers, this enthusiasm are am what for of showed for preorder factory of we important. final the the couple And
to necessary adopters well supporters. good earliest all product and certainly is be it So have enthusiastic our and
something truly me you're in there to that bias out of a for there yesterday years, number it. enthusiastic waiting about pointed after it Although, be be to some was for may baked that inclined
piece I original think XXXX just incredibly the company unveiling so our vehicles reviews times, first very think senses, positive, important recognized -- actual And it's of has prototype I Ed a that covered since and been The also and the vehicle a his his would vehicle, unconventional the some say, in actual making as I latest and rightly on highly company three-wheeled and electrical driving updated new sceptical of vehicle a perspective the really start-up multiple have media Drive Niedermeyer actually as production our result. was, in in
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the We We for are future. bodes well excited think about that. that
is to experience as responders would crowded to in an laid be campus the where an through were it create year. three this other incident edges and Responder, would to move support Two need date, enforcement, responder all products own Xth anywhere So able week one horrible responder like, -- the -- the line then in have is to composed The just earlier where a make into very for way production. order in to had get just their blocked of incident Manhattan thought Rapid we road; the need to barely would -- was it trying an be security. you first announced one, application your this how your through. services, be more yellow up law have way two, for it which be to of family, to able of quickly ambulance be in completely Arcimoto an a just traffic. Avenue, now be sort products. that where, out driving better traffic and on Really those it those on cabs Utility how to don't or any they life-saving first products quickly. behind road to its would of call we emergency driving We get that earlier and for on end And to the more of we more blocked Arcimoto get of Vehicle pathway the out We a vehicle designed of two Fun is the the have lane, to move much
of on this X we've launching the hometown in planning in aiming interest of actual Rapid product own Responder the our So in in pilot quarter for and We're production vehicle enthusiastic Eugene, XXXX. of our first had Oregon.
And Deliverator. likewise the
platform same for car, delivery for to in food, commuters, we years. vehicle. expected features market the great you they're market that next that billion grow and a application of the perfusion see is because city XX Those billion that market the park as of Uber example, last-mile like So seeing We're fun, vacation Eats a are a ride from today a But great $XXX That real nimble to apps dollars-and-cents in as delivery. Grubhub market the very $XX very for station can makes just great for a about anywhere. through it's a
road in delivery. the couple of a the caught increased perfusion on article you terms in If as the York in simply is just and The parcel X by of weeks ago, Times traffic example new being crushed
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Responder, production XXXX in the as and Rapid on aiming planning for well. the Deliverator we're then X quarter piloting year like next So in
our QX, Finally, in strategy. had in market-entry of terms developments in advancements we significant
makers, of have introduces is which So market, online. is our And franchise vehicle an sell potential to the customers then unlike to we Tesla that consumers dealerships, traditional with through -- sort experience as we vehicle like don't we in to rental. look an do sell we how and the initial customers that problem, get of where provide direct really or
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use Q&A have of the questions, screen. interface you the at If bottom the
that to of customers the in customers, our vehicle, our road the market. key our ahead this we -- that very customers, One, to So that very our taken is last the months. because our experience sort our just very well want that vehicles areas the thing, experiences focus over and effect of going happy early have ride that make coming next early multiplicative we throughout a media positive feel are on care of, media have road, is the sure
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-- the we'll course over next will change benefits step a anticipating that XX that in see conclusion although we the the We year. are the of work, next sort within of months. to of We're of XX cost-reduction production that process have aiming
production. change from So targeting XXX basically is XX,XXX units per units year. per That XX of months our launch step XX A to the week.
are larger greater a Sort objective we as solidifies but see on venture, that from that a curve, a so of on. much step a near-term gross of intermediate and We rate. point, the cash that for XX% flow near-term or really at target And reasonable-scale that manufacturer. being positive operations aiming at provides margin growth production production
start I'm light -- sure So are to question the with that, I'm blink. there seeing
So to this then and I'm going questions open we'll to wrap up. up it
question. a for going part, dependent be in on how value And to -- engineering complete we it's step It's good on that quickly change. the
to the production a So modest we plan at relatively keep rate level.
Somewhere in then and the next point of to month vicinity that week. most to vehicles per XXX a through XXXX to a rapid XXX of anchor major ramp XXX up
want -- any of of that guidance there to the are, so in wait of for before And we're a parts because year, not give and this QX concrete literally, we simply quite process, just we beyond solidify more bunch moving giving those to some guidance.
will when is, San Diego opened? question the rental be Next location
a we next of But year, vehicles date and for into have be QX don't San then fixed will year. that. delivering opening Diego this some We
we're get So location of next going to quarter be in pushing year. likely to first opened, that the
that? talk And good to all. morning when hit shall presentation, expect production what and optimal rate the the day? can you please excited hello, about Great when So very -- per and is rate XX hit it to you you
number That's one in question. a questions of
like XX is the target day per happen day to is the step going within XX per change. So
frame. XX-month to XX that within be would that time So
thousands is hundreds of for the year. units of we hit long-term the the In have vision when it optimal product rate, family over we're per of terms will this the delivered in -- that
senses, rate, are But of the production. in we the going optimal we it sort we're and optimal steady that say do up I The that will X, be if would hit will we objective that, X, over when years next -- continue some the years shooting on. a to a X that to away, when build of That's plateau next for. -- XX basically, is So achieve rate? ramp over that hit
only whole company's the impact emissions. lot change, to terms mission if significant ultimately, climate so in And And we a we of just do a reducing that vehicles. make is make of
question, units Actually XX seemed so delivered units have units. So to far. delivered XX thus the the is revenue been have generated, been what far, XX so
A have, a and right base have to We'll -- custom to it's custom mean, in everything update. are by lot taking around that's QX obviously, numbers customers decaling I chosen $XXX,XXX. the number but of stitching, the paint the up, at from of early price. to our folks precise option $XX,XXX
the for target option? the $XX,XXX is What question. model base Another
going Just vehicle a we at for our $XX,XXX are a be firm pathway. when are pushing of the least to at point very would continuous is be a clear. a products affordable to consider outlined model entry to sort absolutely We of, what of few very will point, base market milestone price. when cost model is for we at is expect production. don't be, low a years be and as very couple maybe towards that the rate It out. still call, charging have entry years along a I in we to are very $XX,XXX, out, what timing even I is this We $XX,XXX the that simply reduction committed but process, price option
would level. automakers would or as any would technology. be even willing Or with them a supplying other recently that consider you supplier the is a using cell at would to they module they recently Tesla? Have said said with that question, you Tesla and discussions Tesla related consider this the -- had batteries
rule, to that a at also and not local the scaled plant an a premature low amount batteries our make world's in manufacturing to the mention they us, of any as sourcing best general scale I significant sense. battery Nevada announcement. Gigafactory don't, and We about The conversations is closest any to production headquarters, cost. But makes not of huge say that would are have talk resulted that sort that
that something selling that market, So exploring that into much in we'd be conversation at. actually the point they the I is a think at if are and truly obviously actually engaging that's interested wider -- Tesla in interested
be that Is XX/X. on a production on actually per rate anything year there vehicles of the was stating based running from days was time build We're current day, anticipating XX,XXX was would vehicles the a XX that to per full-time out per estimate run units factory of week X interview will recently at space. be per of to week. space in factory would factory the mentioned There that day of a XXX current XX,XXX actually units I X a we week. an when XX be YouTube per running shifts get X-day You our preventing need
So we that XX,XXX a think, is out production now we right to would at maxing truly, have going footprint be year. cap that units for the around
Some of rate the equipment produce a higher that that. can we at have much than
around vehicles sheet produce example, space side laser that, would additional tube the square on the have every But in metal of and XX,XXX to we vehicles other for So the footage of actually cut can need year. that manufacture we components. order of other worth and of assembly
come with FUV? think what you is, your Europe to do will you question Next year
yet the roads the no-brainer that crowded of a really, not compliance compliance is next introduced now into have European the Europe, for we're for cities, that on-road Europe, fit for the compliance family in that we non-electric for areas certified the Arcimoto. our will have product and is great a we up narrow -- So for U.S. actually are pricing that department dug vehicles congestion believe requirements streets, the be product whole regulatory
give we'll pathway, And guidance. firm so down more that we proceed as
collecting to amounts started managing are you you from question additional Have are expecting Next that preorders? process? How deliver the you these against is, folks?
as delivering preorder by preorder. a it's process way works by the is are So getting deposit just little the by region, and bit going a because we byzantine little bit that we are --
in to place vehicles, a for open deposit. the opportunity those will more we the in of preorder up have new delivered So market then deposit order customers as much the regions, nonrefundable significant regions and be
product you're So region. It in have whatever buy you we placed that in stage, in the the offering opportunity to line. gives on preorder
in So queue base for still elect saved. position is that's more when actual go prefer then some at that they who lower-cost a model, queue. point customers have put their we to into And a preorder the stripped-down, would down production the the they example, deposit,
the vehicles deposits will for next depositors. tranche opened be couple so coming deposits in of opening be that up we And And the in up next XXX Evergreen weeks, for of first we'll early our XXXX.
what the through expected of is, is cadence question Next deliveries XXXX.
we're touched where I we XXX on the to units to -- flat have on get this plateau terms going already XXX think XXX I once into excuse a of relatively call in the or me, units in cost, a rate with and the on drive stay range, going down experience we that manufacturing is prepare month, for to and we're the road somewhere of early that that get vehicles coming. stepped-up there as
pushing are for late next year. We
So with is issues vehicles delivered any so next question far.
absolutely Yes, and anticipated. this has been
happen a and that If vehicles. the on real-world lot our was of log had with something recall production began as get This is to you we more both have anticipated we've issues miles NHTSA, can going check and we number with mechanical systems a the electrical system.
way every we issues we basically reasons new as -- BMW, sure top all really I vehicle those the paves electric vehicles this market that, early and so one on the in And about of saw again, early for absolutely mean, having the Roadster. they staying And experiences the all with from with the back we make can introduced Tesla have -- stay the manifest. to -- it's judicious of amongst of way -- many been to we're marketplace into with that going
turnkey considerations, is the a but we're So vehicles couple is after our hundred really road same have true those to that solution. we're goal the anticipating on first have many of that -- of that going we just
us as can producing walk the the of is, you FUV will cost Next what increases? through factors question decrease volume
a I little touched bit on on last slide. that the
I increases, from three that see really -- as that volume actually One price down main the areas. goes is big purchase. we parts So
as every in magnitude to up order the I thumb is that in manufacturing that begin we electronic chain, in price we don't but way hold significant the one for very see magnitude order each scale is all of to seeing that are our reduction. there X,XXX, we -- that's expensive of order drops of of rule quantities components it vehicle. going and particularly up So some XXX is think as is components around XX% on the we cost to the
And are the building two process. as the way that simply of examining optimization process production means those are product, is are we as going Toyota out we have so we optimizing are of to continuous improvement, time be adopted which the processes -- other is that and we areas the one,
some on assembly wins lower So then cost. and process one, of in system cost component stuff get same inside in reduce system the we the vehicle. of lot effort and is an on that's optimization -- ultimately wiring to And results then and in going board, the the the big to And do a combination see battery electrical simplification. finally, as we're
behalf thanks efforts. of the planet, investors for On in your
on a what would in you have single team, I And welcome. You're strongly say when team here of entire of work. they behalf believe who to people every go they at actually Arcimoto the day do
the because we there support a likewise problem of to and I do bought who has everyone and doing are in. out cannot We are without say this would you fantastic pressing doing investor to base. what we see a else We
you of of the we all back dream all regularly our years the And really napkin call. those presentation are call. on this with appreciate scheduled am Really investor really we be us vibrant back arcimoto.com/investor. wrap Oregon, out will a When for my really, appreciate have our in to West I taking apologies sketch get time from a to morning going who on over and many you venture. the the a the the until we'll so that, that, of time. And And support into production Coast, premarket soon page, to the of up for
of to can the be Thanks arcimoto.com. inquiries course videos will send questions well. on and further You at posted lot. any website investor And as a the
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