Why Arcimoto Stock Just Crashed 10.5%
Shares of Arcimoto (NASDAQ: FUV), a Eugene, Oregon-based automaker of three-wheeled electric vehicles -- including the Fun Utility Vehicle, hence the stock ticker -- are down more 10.5% as of 10:25 a.m. EDT today. The drop follows the company's miss on both sales and earnings last night.
Heading into Q2, analysts had forecast that Arcimoto would lose $0.11 per share on about $270,000 in quarterly sales. Sales actually came close to hitting that goal at $268,500, but losses were significantly worse than expected, at $0.15 per share, because of "significantly higher cost of goods sold."
Arcimoto's three-wheeled Fun Utility Vehicle. Image source: Getty Images.
Source Fool.com
