All right. Good morning, everybody. Welcome to Arcimoto's Q3 analyst and stakeholder webinar in conjunction with our recent filings last night to the SEC for quarter three. We're gonna start this off with our latest company overview video, and then a short update on what has happened over the course of the last six weeks or so. We've got an awesome panel of analysts who are familiar with Arcimoto, who are gonna be joining the executive team in a Q&A session. Eric, you wanna go ahead and roll the tape? Greetings. I'm Mark Frohnmayer, CEO and Founder of Arcimoto. Arcimoto is an Oregon C corp founded in 2007 with the mission to build products that catalyze the shift to a sustainable transportation system. I'm gonna start this presentation with an overview video and then dive into Arcimoto's big overarching goals for the road ahead. You can sign up for investor updates and find supplementary information, including our earnings press releases, financial filings, presentation materials, and webinar replays on our investor relations page at arcimoto.com/ir. To start, I wanna call your attention to our safe harbor disclaimer regarding forward-looking statements. This note identifies risk factors that may cause our actual results to differ materially from the content of our forward-looking statements for the reasons that we cite in our Form 10-Q and other SEC filings. Now on to the goods. At Arcimoto, we build light, electric, ultra-efficient rides that are outrageously fun to drive for a reason. Our vision is a city that doesn't suck anymore. Today's city is dominated by the car. We pave over nearly half our urban land for these giant multi-ton extractive machines that we mostly drive alone or with just one other person and leave parked rusting for 95% of their life. That's nuts. We believe that by right-sizing, electrifying, and better utilizing our rides, we can reclaim our space, clean our air, and make our cities much more livable for everyone. We've built a new human-scale vehicle platform and a family of products dialed for a wide range of everyday trips. The Fun Utility Vehicle for daily driving, rentals, and rideshare. The Deliverator for last-mile delivery of essential food and goods. The Rapid Responder for emergency services and security. The Flatbed for general fleet utility. The Roadster, a fun machine that drives like nothing else on the road. Every Arcimoto is pure electric with range for everyday driving, have rockstar parking as a standard feature, and accelerate from zero to fun instantly. Our experience model is rental first, with operations open in multiple destination markets and more on the way to give potential adopters a taste of the ride. I've been driving it everywhere. I'm just like a 16-year-old. I don't even care where I go or why I go there. I go out, and I get in, and I just drive around. That's an awesome machine right there. It's quiet. It's got plenty of power, all the power you need, and it's just comfortable. Everybody wants it when they see it, and they haven't even driven it yet. The real joy is when you get to drive it, and then you just get the feeling of what it's all about. I'd also like to give a big shout-out to the Arcimoto team. Your workmanship and design is awesome. The full future Arcimoto vision adds driverless technology to make shared rides much more convenient. Imagine a city where your personal transportation is available at the touch of a button on your phone. Enjoy the experience of driving again. When you reach your destination, you just hop out, and the Arcimoto is available for its next driver. We're in production now. Every Arcimoto is built here in the Amp, where we transform raw material through cutting, forming, welding, machining, and final assembly all under one roof. To take the venture to scale, we purchased a new, much larger facility and teamed with Munro & Associates with the goal of kicking off mass production late next year. Finally, we acquired Tilting Motor Works, developers of the TRiO accessory that can turn two-wheeled motorcycles into amazing tilting three-wheelers. Together, we're building a new ultralight micro-mobility solution for the rapidly growing global electric bike and scooter marketplace. With our overarching focus on scale, this year we plan to demonstrate the full breadth of Arcimoto solutions for sustainable mobility and expand our market presence as we prepare for the next decade of the venture's growth. Arcimoto is a public company. We've been powered since our inception by a community of stakeholders with whom we share a mission to catalyze sustainable transportation. I hope you'll join us. The name Arcimoto means literally archetype I drive or I drive the future and is the brand identity for the next generation of drivers. Arcimoto's mission directly inspires the company's values we believe are fundamental to its achievement. We put people first, our customers, our team, and the stakeholders who propel us along the way. We are lean by design, continuously improving what we build and how we build it. Our impact on the world is always front and center. If we're not having fun, it'll show up in what we offer. We are, and continue to attract 18 players who have the hustle, grit, and collaborative instinct to get the job done right. Arcimoto is a new transportation endeavor, unencumbered by the legacy of twentieth-century automotive business models. We generate awareness and sell online, and have teamed with DHL for the direct distribution of our products to customers. Rather than franchise dealerships or company test drive outlets, both of which carry ongoing overhead, we focused our in-market experience on rentals and eventually vehicle sharing as a service. We have rental outlets open in Key West, San Diego, and Eugene, as well as through GoCar in San Francisco, with more destinations coming soon. Arcimoto's small, light footprint platform makes it ideal for mobile service, where most customers' issues can be handled on-site. For long-term ongoing maintenance, the electric drivetrain's robustness and simplicity means that most wear items should be serviceable by existing lightweight automotive service companies. The company's big top-level goals are, first, to design and implement the pattern for mass production of Arcimoto's vehicles, such that we can rapidly produce vehicles for the global marketplace. Second, to deploy the intersection of future transportation technologies for shared ultra-efficient vehicles with a business model that wins, as we demonstrate the full product portfolio of solutions for sustainable mobility, including a multitude of variants on our core platform. Finally, to deliver a new family of solutions for true micro-mobility. Arcimoto is presently producing vehicles in low volume for early customers, providing us a critical early market presence and depth of knowledge of the performance of the platform on the road. To scale to mass production, we've acquired a new facility with more than 200,000 sq ft of production space under roof on more than 10 acres. We've teamed with lean design and automotive production experts to plan for volume manufacture, targeting a maximum output of 50,000 units per year. Engineering and production planning are now moving ahead full steam, and construction on the new site is expected to start in Q4. The planned output of this effort is not just a production facility, but the complete set of plans to scale Arcimoto's output here and around the world, meaning significant effort to standardize all processes and documentation to more easily replicate these 50,000-unit production cores in other locales, sharing a single, robust global supply chain. Since its inception, Arcimoto's vision has included the integration of driverless technologies to more conveniently share vehicles and drive up utilization. For the first time, we've demonstrated driverless technology in the real world. This summer at our showcase, Arcimoto and partners demonstrated a remotely controllable Fun Utility Vehicle, including the foundational technology layers necessary for autonomy. While we see merit in the long-term aspiration of the perfect robotaxi that lets you focus on Twitter instead of the road, Arcimoto's Robo-Valet initiative is focused squarely on near-term shippable intermediaries that reduce the cost of the vehicle-sharing business model. One element that separates Arcimoto from every other EV venture we've seen is the true flexibility of the Arcimoto platform for a wide range of everyday driving uses. Each of our products is largely the same, sharing the same battery, drivetrains, chassis, wheels, braking system, and so on, which are ultimately additive to our economy of scale. For the consumer market, we produce the Fun Utility Vehicle and the Roadster with a planned commuter vehicle down the road. We offer the FUV Deliverator and now the flexible Flatbed for the fleet market, and the platform has uses even in very specialized niche applications, such as the Cameo we've built for on-road filming. All of the work we're doing now to demonstrate the flexibility and applicability of the platform is feeding back into the design process for mass production, ensuring that what we build continues to be ever more adaptable for a wide range of everyday uses. As we look down the road, our first platform is just the beginning. We aim to continually lighten the footprint of mobility. To that end, last year, we began the skunkworks development of the Mean Lean Machine, targeted squarely at the rapidly growing e-bike marketplace. This vehicle will be chock-full of new electric vehicle technology. We are actually reinventing the wheel this time. We believe it will perfectly complement our go-to-market strategy of rentals and rideshare, and will set a new bar for efficiency, utility, and affordability for a wide range of transportation tasks. We acquired Tilting Motor Works at the beginning of this year to accelerate development of that program. I want to take a moment to talk about what else we got in that deal, an existing product line for motorcycle riders who don't want to fall over anymore. Our TRiO accessory transforms a motorcycle into an amazing three-wheeled tilting machine, and we see giant market potential for this product. In the U.S. alone, there are more than 12 million motorcycles in use, and the TRiO is already adapted to the leading big bikes, Indians, Gold Wings, and Harleys, of which 180,000 were sold last year worldwide. In summary, Arcimoto is shipping and continuing to further develop kickass, ultra-efficient electric three-wheelers and advanced vehicle technologies alongside a world-class team with whom we share a mission to right-size mobility as we grow our market presence in preparation for volume production. For the challenges ahead, we will continue to improve the experience for the Arconauts, our early customers and riders, their vehicles, the first-time user experience, and sales, service, and communication processes. We will continue to cultivate our leadership skills as our team and demands expand, and this means continued emphasis on process, culture, and our core values. We will maintain our focus on the health and safety of our team during an ongoing pandemic, and the planet's not waiting around. The IPCC's code red is our call to action. We must continue to step up our production pace amidst the churn in order to make the contribution for which we are called. That's the overview as of about eight weeks ago. We just yesterday, this one's hot off the presses, got a quick snapshot update for you from the road. Fritz, you can roll that now, and then we'll dive right into the Q&A. Welcome to Ride of the Arconauts, quarterly reporting edition, broadcasting from somewhere in the wilds of Arizona. To sum up Q3 to present in two words: massive progress. On every front critical for the company's growth, we've advanced. The planning and build-out of our mass production facility, our plans for the future of rideshare, including the first ever demonstration of a driverless Arcimoto, the further expansion of our product family with the launch of the Roadster and first demonstration of the Flatbed, as well as the on-roading of our first true micromobility prototype based on technology we acquired at the beginning of the year. The expansion of our open market regions with the acceptance of orders from Nevada with Arizona and Hawaii targeted next. The launch of the Ride of the Arconauts, our ultra-efficient roadshow plan to substantially expand awareness of Arcimoto and the unique experience of our rides nationwide. Despite supply chain issues outlined in our stakeholder update at the beginning of Q4, we sold a record number of vehicles to customers from our current limited production facility. The push to volume production continues to be our most important overarching objective, and in the third quarter, we made significant progress towards that goal. We took possession of our new ramp facility and began landing new production equipment, including our new automated plastics production cell, as well as began the renovation of the facility that will become general assembly. We plan to pause vehicle production for a portion of Q1 in order to move materials, quality, sub-assembly, and the assembly line into the new facility, after which we expect to achieve substantially higher unit output for the remainder of next year. We've also made substantial headway on all of the design, engineering, and planning efforts to move each system of the vehicle to a mass producible state. This work, in tandem with what we continue to learn about the developing next generation transportation market, provides the foundation of our application to the U.S. Department of Energy for an ATVM loan, the final draft application for which we intend to submit before the end of the year. Now, note about that ATVM loan, we also did a lot of work over the course of the last year working to make changes in the authorization of the ATVM program with our partners in Congress. We're very pleased to report that the infrastructure bill that President Biden signed today contains a really important modification that we believe, in tandem with the market research that we have done, will really bolster our application for that program. Arcimoto's pace of innovation continues to accelerate as we focus not just on the vehicle itself, but really key technology upgrades throughout the vehicle architecture, including the battery system, the drivetrain, and the low voltage electronics and communications. Our innovation pathway is not strictly limited to improving cost and performance. We see right-sized and better utilized EVs as a critical pillar in our mission to accelerate the shift to sustainable transportation. Given that the vast majority of rides today in the U.S. have only one or two people traveling a short distance with a small amount of stuff, we think that this lightweight, ultra-efficient platform is really the right win for a huge range of shared mobility trips. As we look ahead to much higher levels of stepped-up production starting at the end of next year, we launched the Ride of the Arconauts program that we're essentially beta testing today, which is, we think, a radically more efficient way of doing vehicle road shows. The typical way, and we've done this for more than a decade, you truck vehicles thousands of miles, people fly in, stay at hotels, and then everybody boogies back home. The way the Ride of the Arconauts work is it's a slow-moving set of convoys of vehicles demonstrating the unique Arcimoto ride everywhere. We're aiming for every major population center in the United States. We wanna cover basically the whole country over the course of next year and make sure that all everyone out there has had a curiosity about the Arcimoto ride experience gets a chance to get in the driver's seat. We think this is ultimately gonna be a much more efficient way of connecting with customers, connecting with investors, connecting with stakeholders, connecting with partners. 'Cause there's just no substitute for getting behind the handlebars. As we've been out on the ride, and this is actually true wherever we go. One thing that happens constantly is that people will stop us on the street and say, "That looks like fun. Where can I rent that?" That's just given us a lot of time to think about rental as really the default model for enjoying the Arcimoto. Whether you're talking about kind of the niche, high-priced vacation destination rental, that is particularly appropriate when we're building at low volume, to the rental company-owned rental stores that we have in Eugene and San Diego that enjoyed their first full quarter of operations in Q3. Our partnerships with GoCar Tours in San Francisco, to our first franchise in Key West. All the way to shared mobility programs like what we launched with REEFDrive just very recently, where Arcimotos are available by the minute, by the hour, conveniently located. First instance of that is in downtown Santa Monica, all the way to our long-term plans of the Robo-Valet, where you hit a button on your phone and the vehicle that you want, whether it's a Flatbed, a Deliverator, or a Fun Utility Vehicle, shows up so that you can jump in, take it where you wanna go, do your trip. There is no other vehicle platform that we are aware of that combines the amount of flexibility for different uses, that makes a perfect grocery getter, as well as the ideal vehicle for experiencing the beauties of the natural world. As we look forward, that rental-focused model is gonna become, we think, a greater and greater part of the Arcimoto story. Finally, I'd be remiss if I didn't talk a little bit about Platform 2, which is our entry into true micromobility. We are building a new vehicle the world has never seen, and what I think we haven't really talked about much is that at the heart of that new vehicle is what we call Micro Future Drive, which is a combined drivetrain system for micromobility devices. We see application not just in our first product for Platform Two, but really a whole range of micromobility solutions targeted at that whole next level of efficiency. The electric bicycle market has grown by absolute leaps and bounds. It's enjoyed explosive growth over the last couple of years, and we think we have a set of products and technologies that are gonna be fantastic players in that space. We're all looking forward to getting back to base, taking everything that we've learned on this ride, formulating the plans for next year when we're going to scale it up, and really bring the Arcimoto experience to you. All right. Thank you, Fritz. Let's go ahead and bring on the executives and our esteemed panelists. Hey, Mark. Good morning. It's Amit from H.C. Wainwright. Amit, good morning. Hey, this new platform that you just highlighted, the electric bicycle, micromobility, can you talk a little bit about, you know, when timing and just some color on, you know, what the product is actually all about? Yeah. Well, and you could kinda see it in our first prototype in blurred out form. The reason for the product is that, you know, ultimately we see Arcimoto's position in the market as being, you know, everything less than the car. We wanna run from, you know, the daily go-getter platform that is the FUV, you know, all the way down into that whole next order of magnitude of efficiency. In terms of timing, we're not quite ready to take the wraps off it yet. We think it'll be showing up early next year in terms of actually talking in detail about the product features and so on. In broad strokes, you know, it starts obviously with the technology that we acquired from Tilting Motor Works, which is, we think, the right way to do a leaning three-wheeled vehicle. We've been building a set of components for micromobility devices, and primarily our focus has been on the design of really the combination of charging and battery and motor control and so on in order to improve performance and drive down costs of that sort of whole combined system. We're not really looking at it as a solution for existing patterns. If you look at the products that Arcimoto builds, we are building new platforms. You know, the electric bike market today is largely bicycles that have been made electric. The electric vehicle market is in many cases cars that have been made electric. We are focused on platforms that are sort of electric from day one, and so that's letting us think a little bit outside of the box. I can add more vague things here, but I would just suggest that you stay tuned. We're looking to unveil the Platform 2, you know, sort of product concept really right after the beginning of the year. This is something that, you know, to me, it sorta ticks all of the boxes for, you know, why would I not ride a bicycle class vehicle. That's for me personally. Obviously, there are a lot of reasons people do and don't. I would just add that this is a market space that has undergone just massive growth, particularly over the last couple of years. I think that that is indicative of a real shift in market sentiment. We've discovered this not just from seeing what's happening in the e-bike market, but when we actually went out and did some much more in-depth market research around the Fun Utility Vehicle. What we've noticed is that in just the last couple of years, the market idea of what a vehicle should be has really shifted, and it's shifted in the direction of sustainability, shifted in the direction of micro-mobility. We think that's a real benefit to the world and also to our plans going forward. Mark, this new platform, is it meant for highway driving, or is it meant for just, you know- Well, the platform itself is gonna be capable of driving a variety of different very lightweight vehicles. The first product that we're building is in the class three e-bike space. You could conceivably drive it on the highway, but you'd wanna be on a very tall hill because those are their electric assist is capped at 28. Right. Understood. Okay. This coming back to the, you know, the financials and the quarterly performance, et cetera, any updates on how Q4 is going for you guys? Revenues probably still weighed more heavily by rentals, I assume. Just any update on- Yeah. how the rest of the business is looking. I think on the revenue side, you know, if you look at Q4, Q1, we're still in the midst of a supply chain churn, and then as we talked in the video, we're going to be spending a big chunk of Q1 actually moving our production, our main assembly line features into the ramp. As we look beyond from a revenue perspective, I would expect the same thing that we've been sort of guiding for the last five or so calls, which is relatively flat and lots of chop. As we start to get into, you know, end of Q1 into Q2 and beyond, we think that we're gonna see a substantial increase in number of vehicles manufactured. We are aiming for a lot of those to end up in rental or rental type opportunities. Stay tuned on that front. I think we're not giving yet guidance in terms of unit production for 2022, but I'm expecting it's going to be a big step up, you know, multiples beyond what we did in 2021. Thank you, Mark. I'll get back in queue. Thank you. Thanks a lot. We've got Craig on the call. Craig, are you ready to chime in? Craig was our very first. We've actually got two of our very first analysts for Arcimoto joining us on this call, so Craig and Jim McIlree. Really appreciate you guys showing up. Hey. Mark, I got the opportunity to ride the Roadster. Gosh, I'm gonna use the wrong name. The Roadster. Your Roadster. Yeah. Yeah. The first unit when I saw you in Las Vegas. You know, just like the FUV, right? The experience of, you know, freedom and kinda flying like you do on a motorcycle, you know, it's a little bit more free, but it still has that stability. You know someone that's maybe a little bit older with a lot of money in their pocket, you know, might be a little afraid of a Harley, but something like that is a natural fit, and the design is just beautiful. You know, how do you expect market visibility to grow for that, right? I mean, I know you've got the original article out there, but how do you plan on marketing this one specifically? Does it go maybe to a different demographic than the original FUV? Do you expect it to resonate differently? You know, when do you expect to have more units maybe to for people to ride and drive so they can make the purchase decisions? Great, great questions. There are a couple of features on that. You know, one is that, yes, I think the aging motorcyclist market is much more an opportunity for the Roadster. Although we actually have a lot of people in that demo that are attracted to the Fun Utility Vehicle. The ride experience of it is, I mean, it really is, I don't know, I feel like it's somewhere between a magic carpet and a broomstick. It's just like, it's like nothing else I've experienced on the road. Probably I would say the key touch points on that one is that in California, you don't actually even need a motorcycle endorsement to ride the Roadster. In a lot of states, you know, you can drive the Fun Utility Vehicle with a normal driver's license, but because it has no upper frame, the Roadster will require a motorcycle endorsement. In California, that's not the case. So in places like that, we think our destination rental is gonna be a fantastic way for people to get experience of it. The other piece is this just goes to well, how we saw you in Vegas. You know, we were driving down the street, you're like, "Wait, that's Mark. That thing looks cool. But the whole purpose of the Ride of the Arconauts is to really bring vehicles in the most efficient way that we can to all of our potential customers, people who've signed up, and then ultimately, once we get the market seated, we think that we're gonna see a lot of that peer effect where you know, my neighbor let me take the Roadster out for a weekend, and now I've gotta get one of my own. The other piece is that as we look into rentals, you know, we're looking at the opportunities for rentals from renting by the minute, by the hour, by the day, by the week, by the month, and then even potentially longer. I think that the Roadster is gonna be one of those items that has the potential for, "Hey, I wanna rent this for three months while you know, I'm a snowbird. I'm heading south for the winter. I want this you know, as a sort of a golf cart 3.0 for my gated community." That's another piece of that puzzle. Cool, cool. My second question is about the ATVM loan application, right? The loan has some stipulations, or at least the loan requirements have some stipulations about, you know, having an enclosed cockpit, which then I guess means you probably need things like. Well, I don't know if you need air conditioning 'cause the airflow is beautiful, but you could, depending on the definition of enclosed, right? You know, I know your heating is fantastic. You know, some of the things like windshield wipers and some of these other items that kind of come into play for compliance around the ATVM loan. Can you maybe sort of scope out, you know, how this is a match for things you're already planning, you're already developing? You know, the different phases of the loan, you know, where are you as far as the original application and maybe moving into potentially due diligence for that loan? All good questions. I touched on a little bit. One of the key pieces that actually happened yesterday with the infrastructure bill was a change to the ATVM relating to overall qualification for the program and the metric of financial viability. What has been added is that the new target is a reasonable prospect of repayment. That's just kind of at the outset probably the biggest hurdle of the ATVM for any new vehicle manufacturer that doesn't have, you know, existing profitability, is that that financial hurdle of can we project out based on your present sales that you're, you know, you're gonna be able to pay this back versus what is now the case, which specifically allows for things like detailed market research to help bolster those cases. That we were doing that piece of it anyway as part of our application. That's been a big effort over the last quarter, is just getting what we think is the underlying justification. Then to your point, there are requirements about what types of vehicles are actually supported and enclosed. It's, you know, fully enclosed vehicles that are ultra-efficient, carry two people, so on and so forth. I teased it a little bit in the overview company video that we have what we are considering sort of a mass market commuter vehicle on the drawing board. We've teased it in very broad strokes at the beginning of this year when we talked about our target for 2024. That is really what we are applying for the bulk of those funds for. We're making the investments in the core platform ourselves, but that major piece, and that's the piece that is, you know, just some of the big-ticket tooling and machine opt-, you know, all of the sort of the big expense of going into scale production. A lot of that is in that, you know, mass market, fully embodied commuter-type vehicle, and that's really what we're looking to the Feds for help to get built. Cool. It's nice to see our friends in D.C. actually fix that so that emerging growth companies can benefit. Congratulations. Good luck with that application. I'm gonna hop back in the queue. Thank you. Thanks, Craig. All right, Jim. Hey, Mark. Thanks for asking me to join you. I'm wondering about the price of the vehicle in 2022 as your manufacturing increases. Are you going to pass along to customers the. I'm assuming that there's gonna be a cost decrease as you. Yeah. Our. Would you- Our first goal on cost decrease is for us to just get to per unit profitability. We see a couple of ways that happens. One is just by getting it so that we have a positive gross margin. The second is that as we look at a variety of rental operations, we think that we can drive in some cases substantially higher revenue per unit created with a shared use model than we can with an individual sale as the sort of more mass production portions of the platform come in. We'll see cost reductions like, for example, you saw the vacuum forming cell, you know, there was a short clip of that. That has now landed in our production facility. We've powered it up. We're starting to run test parts. We'll have production parts on that, we think, in Q1. That's gonna be one of multiple cost reduction programs. The sort of bigger steps happen starting towards the end of next year, and those are the much higher scale targeted changes that are coming into the platform. That's when it would be sort of in 2023, and beyond that we'd start to see some big price reductions on the consumer side. Okay, thanks. You indicated that the increased production in 2022 is going to the rental markets. I'm assuming that requires a substantial increase in your rental outlets. Is that true? If so, where would that be? We generally try not to reinvent the wheel, although on our Platform 2 project, we certainly are. When it comes to rentals, you know, we certainly envision Arcimoto having a number of flagship rental stores that carry our own brand. There are a ton of companies out there doing destination rental. I mean, as an example, we're gonna be demoing Arcimotos today on the Ride of the Arconauts at an e-bike rental shop in Phoenix. The plan there is really to say, you know, how can we, with the most efficient capital pathway, get the Arcimoto vehicles out into the market, establish the right win-win relationships, with current and market players, and really drive both unit deployment and then lots and lots of brand awareness. Is it possible that you would take equity positions in some of these rental outlets, or is that not in the plans now? I think that's certainly on the table. You know, the simplest equation is us renting a vehicle or leasing a vehicle that is then re-rented. I think that there are certainly some groups that we have talked to where we have longer term strategic alignment. You know, right now it's just really all about identifying and teaming up with the sort of low-hanging fruit opportunities in the market. All right. Very good. Thanks a lot. That's it for me. Thanks, Jim. Barry. Oh, wait, I saw Mike's, Mike Shlisky's hand went up. Mike, and then we'll get to you, Barry. Okay, great. Oh, Mike, we're not getting sound. Are you headset connected, perhaps? Bluetooth? All right, we're gonna go to Barry Sine, and then Mike, we'll get back to you. Hey, guys. Good morning, Mark and team, and this is my first time on the panel, so thank you very much. Really exciting times at Arcimoto. For me, as a financial analyst, nirvana is 2023, you get to 50,000 units production capability, you're producing them profitably. I'm trying to think about and understand the challenges you still have between now and then getting there. One of them, you've talked about all of them, the progress. One of them obviously is, I think you've called it a 2.0 FUV. You've brought in Munro, nobody better in the industry. The next challenge is gonna be selling 50,000 units. To date, I think in your Q, it talks about 5,000 units sold to date. You're doing this Ride of the Arconauts program. I'd be curious, how many people are you seeing in this program to date? How many would you expect? Presumably, even that doesn't get you to selling 50,000 units a year. What are your longer term plans for sales? Would you do something big like a Super Bowl ad? How do you sell 50,000 units a year once you've done all this hard work to design a production-ready vehicle and build a plan? Fantastic question. Guys on the exec team, feel free to chime in with your thoughts. I think what I'd say is there are gonna be multiple components to that. One is, you know, we're targeting basically an average selling price around $15,000, which would put a base model somewhere, you know, where the long-term intent is to get the base model as close to $10,000 as we can. That would be, you know, really something that is it. As we've seen the market, you know, there is a niche market for this product family in the 20+ range. As you get close to $15,000, that is a much wider market. As you get to 10, it's a credit card purchase for a lot of people, and it's just almost everybody. In terms of building that awareness, just as one example, we were in Austin over the weekend with the Ride of the Arconauts. Over the span of that event, we did more than 200 test drives of the Fun Utility Vehicles, the two vehicles. This was at the Electrify Expo. It was definitely the Arcimoto, I would say, the hotness there in terms of the intensity of interest in folks. What we would expect to see is sort of that catalytic effect that we all saw with Tesla Motors, which is that, you know, as soon as there was one Tesla in the neighborhood, then the neighbor, you know, they gave their friends rides, they let their neighbors drive it, and pretty soon, two or three or four were sold just by word of mouth. I have never experienced a product in my life that has the same sort of just customer enthusiasm, and certainly anything I've ever worked on, that the Arcimoto does. I think that's gonna be a really key piece of the virality focus. Then finally, you know, again, one of the reasons why we're focused on rentals is, you know, one, we think we're gonna be able to drive more revenue per vehicle. Two, we think utilization of vehicles is really important, so it's not just about light weighting the platform, it's about making sure that it's in use much more frequently than a car is. Finally, it's just all about getting lots of butts in seats to help build the market for when we're at scale production. Ultimately, you know, we see 50,000 units per year as one stepping stone on a path to, you know, sort of, much, much higher volumes than that, if we are to be truly successful in making a meaningful difference in terms of climate emissions. No Super Bowl ad, it sounds like. You know, well, this actually, I mean, I don't know, Jesse, are you wanting to cut the check on a Super Bowl ad, Fritz? I'd say what my philosophy is, keep the money on the road. Mm-hmm. We wanna, you know. This even goes back to why we're doing Ride of the Arconauts in the first place. It's just the traditional means of vehicle marketing, I think are crazy and wasteful. We're gonna try and do it in a more efficient way. You know, I wouldn't rule anything out at this point. Okay. If I can slip in a second question, and then I'll go back in the queue. On the ATVM, I'm not as familiar with that program. Are there timelines you've talked about by year-end getting what you call the draft application? If there's only a final, Sorry, final draft. We're ready to put this one to bed. We've done a ton of work over the last quarter and a half to really refine both our understanding of the marketplace that we're going into, and then the planning for all of the pieces that we're asking for help for. That's the planning for, you know, our automated battery production and all of the various constituent components of the vehicle, the new, you know, mass producible chassis design, electronics and so on. We think that by the end of this year, we'll be in a, you know, have it all tied up with a bow, and we're hopeful that that can move through their process quickly. Can you define quickly, what milestones should investors look for on the ATVM? When you get initial feedback, when is the final approval? Do they have any mandated timelines on their review of that process? Prior to funding, there are two kinda key milestones. One is the designation of substantial completeness, which is at the point that it is designated substantially complete, then we can begin accruing costs against a future loans in the event that that is a successful application. Then the second kinda key milestone is a conditional commitment to fund, and then finally is you know sort of closing it and signing all the docs. I don't believe there is a fixed timeline. What we have heard from the Department is that they you know all the way to the top of the loan program is that they want to be moving very expeditiously on their side. You know, once it's all tied up with a bow, my best guess would be somewhere in the six to nine month range, but again, I don't wanna speak for the DOE. They have their review and their process. I have my fingers crossed for you. Thank you for taking my questions. Thank you, Barry. All right, Mike. Real quick. Actually, sorry, Mike, in the chat, Scott asked for clarification on the 500 sold that was talked about. I'm pretty sure Barry was referring to. Yeah, go ahead. Thank you. No, yeah, Barry, it's in terms of that 5,000 number. I think you're thinking of our pre-orders and indications of interest. Those are not actually sold vehicles. We have now manufactured. I think as of the end of Q3, we had manufactured in total what? 424 vehicles. Is that right, Doug? Correct. 424 vehicles manufactured and 298 sold. Almost 300. All right. Of course, the difference is either in inventory or in rental or marketing vehicles. Yep. Definitely being utilized. Those indications of interest we expect those have basically increased quarter-over-quarter, well, since we started taking reservations, I think. You know, part of the goal here is really again just to build the marketplace further in anticipation of much higher volume of production. All right, Mike. We got a Mike? Can you hear me now? Yes, sir. All right. Excellent. Well, I did miss a few of these questions. I've been hopping back and forth on another conference call. If I ask something, just tell me to go to the transcript so I can get the replay later. My first question is about the infrastructure bill that was signed yesterday or even just general state subsidies for EVs. Do you know of any subsidies, federal or state, that now include three-wheeled, whether along with a two-wheeled or with a four-wheeled subsidy, that we should be aware of as change over, let's say, over the last nine months or so? Yeah. I did talk a bit about the infrastructure bill, and so you can hit the transcript for that. In terms of tax credits, Oregon has $2,500-$5,000 credit. Is that still in effect? State of California has a $2,250 credit that applies to Arcimoto. We have been pleased that for the first time in I think more than 10 years, the latest draft of the reconciliation bill now at the federal level includes a $7,500 tax credit for two and three wheeled vehicles that are electric. When you start to add that into the equation, things look pretty amazing. Of course, anything can happen in D.C., that bill has not passed. There's much sausage-making between now and the promised land, so but we take it as a very positive sign, of course, that it ended up in a bill. We're hopeful that our partners in Congress will be able to push that through and make it happen. Outstanding. I wanna ask secondly about your pursuit of autonomy. You know, there were some parts of the MOPA, the video, that had that. But you know, can we tie it in with potentially what's happening with the Deliverator? You know, we're starting to see autonomous delivery vehicles come out, and I'm wondering if the platform that you have right now can fit a different shape than a single driver vehicle. Instead, could it have just a giant box on wheels? What would be the capacity of that vehicle? Actually, the company that is sort of has been driving driverless on the Arcimoto platform, a company called Faction. I you know think what they've articulated publicly is that they're wanting to go after that you know last mile, last 10 mi delivery with a driverless solution. We use driverless because driverless encompasses a range of technologies from remote operation to limited autonomy to some other stuff that's even I think lower hanging fruit than that. But yeah, we definitely see an opportunity for the platform in that space. That's you know. We are focused initially on the Robo-Valet and even some precursors that get there, which is, you know, hit a button on your phone, whichever one of the Arcimotos you need pulls up, you jump in the driver's seat. That distinction is really critical just because it is a substantially lower hurdle, right? If you have a Robo-Valet that only needs to go on some of the roads or it can go on designated pathways or designated loops, only at low speed and is only driving driverlessly when there's no human in it, that is an easier technical problem to solve than the full robotaxi that goes on all roads at all speeds with human cargo. Yet that element, just the Robo-Valet piece, is what is the cost reduction of the roboticized taxi fleet. It takes that logistics problem of getting your ride to you out of the equation, and then when an Arcimoto shows up, you know, most people prefer to jump in the driver's seat. True. I'm just curious as to what, if you didn't have a driver, how much cargo could the platform hold without a person on it? I think. about it. Just off the top of my head, I'd say you could have, you know, upwards of 500 or 600 lbs of cargo on our present platform. You know, you could have lots of different storage boxes. There are a bunch of ways to attack that problem. I think the advantage that the Arcimoto has is that it can, you know, that platform can, you know, go 100 mi of driving and can achieve higher speeds certainly than like a neighborhood electric vehicle. We see opportunity there for the, you know, fully non-human opportunities for delivery, again, all on the same platform. One of the things I think that really that we have heard from Faction is just that it was the fact that we had aimed this platform for autonomy really from day one has made it a lot easier for them to do that integration. That's outstanding. This is just developing in so many different ways. Thanks for answering my question, Mark. I really appreciate it. Thanks, Mike Shlisky. Hey, Eric, do you wanna? We've got a few minutes left. Can we get some of the questions from Say? Sure. Right at the top here is a question about South Korea. We recently put out a release highlighting our work there and our presentation there. What specifically is Arcimoto looking for in South Korea? Is there any specific progress that you can share? All right. I'm gonna turn over the mic to Dilip here to talk about South Korea. Dilip, if you can give just a general lay of the land in terms of what we're seeing on the international front without getting into any obviously specifics that we haven't talked about yet. Sure. Thank you, Mark. Yes, Mark had this opportunity of making a presentation of Arcimoto and our products in one of the EV conferences in South Korea that was sponsored by KOTRA, which is the investment agency of the Korean government that to attract investment into South Korea. What we are looking at South Korea is it's one of the most innovative markets in the world. It is really, I mean, from an adoption of innovative products, I mean, that is really stands out. South Korea really stands out. You know, it just made sense for us to make the presentation and just test the market. Of course, from an international perspective, I think one of the things that we are looking at is FMVSS markets, which is basically the federal motor vehicle safety standards market, which is the U.S. safety standards that is being accepted. Many of the Caribbean countries accept the U.S. standards, and those are the countries that we are targeting because then we don't have to homologate our products. It is easy. From an international perspective, we definitely see a tremendous amount of potential. Europe has great potential, of course, other than FMVSS markets. Asia, some of the countries in Asia really has a great potential. Now, in all cases, we have to homologate the product, so that is gonna take some investment, and we're gonna wait for that. In order to make that a desired level of investment. Well- to go into the market. Sorry, Mark, go ahead. Yeah. No, I just think this is. You can probably kind of get a common theme here with Arcimoto, which is that, you know, we are trying our very best to stay as capital efficient as we can and to take the low-hanging fruit that's out there first. You know, ultimately, we do see this as a global market play. It is easier to enter a market where our current product is already legal to operate on the road. Yeah, we've got a I think quite a few exciting opportunities coming down the pike on that front. Thanks, Dilip. Thinking long term, could Arcimoto explain to us their strategy on how their ridesharing business will be able to benefit from economies of scale while also capturing significant back-end revenues during the vehicle's life? Where do you see it being in approximately three years? I would say one of the real advantages of the electric vehicle typically is that it's just a longer lasting, requires less maintenance. You know, at the end of the day, we wanna build artifacts, things that go for 500,000 or 1 million mi of good use. That is a longer long-term cost reducer component of the rideshare business model. The sort of nearer term would be just reducing the logistics cost of shared vehicle fleets. You know, what we've seen in the market is that there have been a bunch of different rideshare business models that have been tried. Only a few have actually worked for shared vehicles. The others are just end up being perpetual cash sinks. One of the real challenges with any shared use fleet is just the logistics of moving vehicles around and getting vehicles to where customers are going to want to ride them. That's where we see some real low-hanging fruit opportunity in the driverless slash autonomous space. Those are the pieces that we're gonna be going after first. Sorry, what was the last piece of that question? Where do you see it being in approximately three years? In three years, we've set at the beginning of this year 2024 as our target for both that kind of fully embodied Arcimoto being on the road, as well as meaningful deployments of driverless Robo-Valet-type fleets. That's the three years out vision. Three years out, our target is that you hit a button on your phone in one of our several, if not many, Robo-Valet markets, and the Arcimoto you need for your day's trip or your hour's trip shows up in front of you, and you jump in the driver's seat and go. That's the three years out vision. The follow on the same subject. When scaled, how much does Arcimoto believe it would cost on a per mile basis to operate a semi-autonomous or fully autonomous ridesharing fleet of FUVs? We've taken some kind of very back-of-the-envelope numbers on this. Jesse here, are we thinking, I mean, you know, the sort of the near term would be, you know, $1.25 a mile, something like that. But, you know, ultimately, we wanna reduce the cost of driving even well below that. We want this to be effectively personalized mass transit, something that is, that has a, you know, not just a real environmental component, but truly an equity component as well. We are at 6:30. How are you feeling? You wanna take a couple more or? I've gotta jump back on the bus and go do some demos in Scottsdale, but let's take one more question. Okay. What are the possibilities to make a strategic alliance with a company like Hertz that is looking to reinvent itself? Many tourist locations, it could be a good match for such a deal. Yeah. I would say that I think Arcimoto provides an opportunity for many companies looking to reinvent themselves and how they do business to team up. I have been, you know, certainly very pleased to see that Hertz is making a big move into electric vehicles with their commitment to buying, I think, 100,000 Teslas in relatively short order. Yeah, we see opportunities for partnership in certainly rental, rideshare, and then, of course, all up and down the vehicle architecture. I mean, at the end of the day, sustainability is a social networking exercise. It's gonna require all of us working together to solve really what is the truly pressing challenge of our times. That's, you know, I think that type of collaboration is really baked into the DNA of the company. I think that's a fine closer. Really appreciate you all coming out here this morning. I wanna thank our panel of analysts for joining. The executives, apologies for the 5:30 A.M. wake up. To all of you who joined us, thanks for tuning in. We'll see you soon.