Press release

Arcimoto And GoCar Tours To Develop Next-Gen Fleet Of Fun Utility Vehicles For GPS-Guided Tours of San Francisco

Sponsored by Businesswire

Inc.®, (NASDAQ: FUV) makers of the Fun Utility Vehicle® (FUV®), Rapid
Responder™, and Deliverator™ — affordable, practical, and joyful pure
electric vehicles for everyday commuters and fleets — announced today
that it will develop a next-gen fleet of FUVs with GoCar Tours for
GPS-guided tours of San Francisco.

An initial order of 40 FUVs will be outfitted with GoCar’s patented
GoCar Network technology, which allows users to explore the city on
their own schedule at their own pace. The GoCar’s mobile tour guide, the
world’s first GPS-guided tour, will give directions, crack jokes,
recommend restaurants, and tell the legendary stories that bring San
Francisco to life.

“We’re thrilled to work with GoCars to introduce the Fun Utility Vehicle
to San Francisco, the technology capital of the world,” said Mark
Frohnmayer, Founder and CEO of Arcimoto. “A GoCar Tour is a perfect
use-case for an Arcimoto. The vehicle’s small footprint and nimble
handling make maneuvering and parking in urban environments a pleasant
experience, and the open vehicle architecture provides expansive
visibility of the City’s iconic sights. Personally, I can’t imagine a
more beautiful way to take in San Francisco than a sunset cruise across
the Golden Gate Bridge while driving the pure electric Fun Utility

Nathan Withrington, Founder of GoCar Tours, said: “Ever since we founded
GoCars in 2004, we’ve been searching for an electric vehicle that met
our needs. We want people to experience a new kind of electric vehicle –
efficient, affordable and fun – that represents the core values of
GoCars, which is to provide an always unique, user-driven experience,
where the vehicle is your friend that guides you through the City. Next
to our existing gas-powered fleet, we expect to save significantly on
maintenance and fuel costs, while increasing rentals on bad-weather days
thanks to the FUV’s windshield and panoramic roof. Finally, the FUV can
drive on both streets and highways, so for the first time in our
history, our customers will be able to drive across our most iconic
landmark, the Golden Gate Bridge, from the comfort of an FUV. We can’t
wait to start exploring.”

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About Arcimoto, Inc.

Headquartered and manufactured in Eugene, Oregon, Arcimoto, Inc.
(NASDAQ: FUV) is devising new technologies and patterns of mobility that
together raise the bar for environmental efficiency, footprint and
affordability. Available for pre-order today, Arcimoto’s Fun Utility
Vehicle, Rapid Responder, and Deliverator are some of the lightest, most
affordable, and most appropriate electric vehicles suitable for everyday
transport. For more information, please visit

About GoCar Tours

The world’s first GPS-guided tour takes tourists on one-of-a-kind
adventures through the streets of some of the world’s most amazing
cities. GoCar’s custom-designed tours guide users to a city’s most
iconic landmarks, wheeling through colorful, vibrant neighborhoods and
past sweeping vistas while providing audio commentary on the rich
histories that live around every corner. Conceived, developed and
created by Nathan Withrington and Alasdair Clements, the first GoCar
tour service launched in San Francisco in 2004. GoCar Tours has since
expanded with franchises located in: San Diego, CA; Monterey, CA;
Barcelona, Spain; Madrid, Spain; Lisbon, Portugal; Porto, Portugal; and
Bordeaux, France.

Safe Harbor / Forward-Looking Statements

Statements included in this press release that are not historical in
nature are intended to be, and are hereby identified as, forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act, Section 21E of the Securities Exchange Act of 1934, as
amended. The words “may,” “will,” “anticipate,” “expect,” “estimate,”
“continue,” “plan” and “intend,” as well as other similar words and
expressions of the future, are intended to identify forward-looking
statements, but other statements not based on historical information may
also be considered 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 and include, without limitation, our expectations as to the
development of our relationship with GoCar Tours. 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. 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: the successful
ability to interface GoCar’s technology with our vehicles, our ability
to effectively execute on our business plan and growth strategy; 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 dependence on suppliers; 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 maintain quality control over our
vehicles and avoid material vehicle recalls; 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;
the number of reservations and cancellations for our vehicles and our
ability to deliver on those reservations; and unforeseen or recurring
operational problems at our facility, or a catastrophic loss of our
manufacturing facility. 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.