Arcimoto, Inc.® (NASDAQ: FUV), makers of fun, affordable, and ultra-efficient electric vehicles for everyday drivers and fleets, and REEF, the largest operator of mobility, logistics hubs, and delivery restaurants in North America, today announced the launch of REEFDrive, a zero-emission vehicle-sharing program specializing in the future of urban mobility. Located in the heart of Santa Monica at 1323 5th Street, REEFDrive will allow users to easily rent a zero-emission FUV or Deliverator to run errands, make deliveries, or simply explore the beautiful beaches and surrounding city.

“We are thrilled to join forces with REEF, which leads the country in transforming parking lots into modern destinations, connecting the community with everything from REEF delivery restaurants and retail shops to micro health clinics—and now, Arcimoto vehicles,” said Mark Frohnmayer, CEO and Founder of Arcimoto. “This is a perfect fit, as REEF provides the real estate and infrastructure, and we provide our innovative electric vehicles at an affordable price that makes driving electric as accessible as possible.”

With an ecosystem of more than 5,000 locations and a team of over 18,000 people, REEF transforms open spaces into multi-purpose places that create jobs and bring new goods, services, and experiences to local neighborhoods. REEF’s network of delivery restaurants, in over 30 cities around the world, helps reduce traffic congestion and pollution by bringing food closer to the customer.

“We are excited to work with future-facing electric vehicle manufacturers like Arcimoto on REEF’s vehicle sharing platform REEFDrive,” said Phillipe Saint-Just, Co-Founder at REEF. “REEFDrive is bringing electric mobility to Los Angeles neighborhoods and giving users the option to choose an electric vehicle that best fits their needs while being affordable and environmentally conscious.”

For a limited time, REEFDrive pricing to borrow an FUV starts at $1.00 to begin the ride, and then 49 cents per minute thereafter. For more information, visit REEFDrive.com.

Arcimoto and REEF will be hosting demo drives today at 10 a.m. PDT at 1323 5th Street in Santa Monica.

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ABOUT REEF

REEF transforms urban spaces into community hubs that bring the best goods, services, and experiences to the neighborhood. With an ecosystem of 5,000 locations and a team of over 18,000 people, REEF is the largest operator of parking real estate and delivery restaurants in North America. By connecting the world to your block, we’re making the place you live, the place you love to be.

About Arcimoto, Inc.

Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Our flagship vehicle, the Arcimoto FUV®, is purpose-built for everyday driving and transforms ordinary trips into pure-electric joyrides. Launched in 2021, the all-new Arcimoto Roadster is designed to be the ultimate open-road fun machine and is the purest expression of the Arcimoto Platform. The Deliverator® and Rapid Responder™ provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Expected to launch in 2022, the Flatbed represents Arcimoto’s vision of a pure-electric, rightsized utility pickup truck. The upcoming Cameo™ is designed to create a smooth, silent, sustainable camera vehicle for the film and influencer industries. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.

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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. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict and include, without limitation, our expectations as to vehicle deliveries, the establishment of our service and delivery network and our expected rate of production. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the SEC. In addition, such statements could be affected by risks and uncertainties related to, among other things: our ability to manage the distribution channels for our products, including our ability to successfully implement our rental strategy, direct to consumer distribution strategy and any additional distribution strategies we may deem appropriate; our ability to design, manufacture and market vehicle models within projected timeframes given that a vehicle consists of several thousand unique items and we can only go as fast as the slowest item; our inexperience to date in manufacturing vehicles at the high volumes that we anticipate; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; the number of reservations and cancellations for our vehicles and our ability to deliver on those reservations; unforeseen or recurring operational problems at our facility, or a catastrophic loss of our manufacturing facility; our dependence on our suppliers; changes in consumer demand for, and acceptance of, our products: changes in the competitive environment, including adoption of technologies and products that compete with our products; the overall strength and stability of general economic conditions and of the automotive industry more specifically; changes in laws or regulations governing our business and operations; costs and risks associated with potential litigation; and other risks described from time to time in periodic and current reports that we file with the SEC. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, we do not undertake any obligation to update any forward-looking statements.