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Arcimoto Vehicles Reclassified as Autocycles in the State Of Maryland

By April 22, 2022No Comments

Maryland passes Clean Cars Act of 2022, renewing EV tax credits and allowing three-wheeled autocycles to be operated without a motorcycle license.

EUGENE, Ore., April 22, 2022 (GLOBE NEWSWIRE) — Arcimoto, Inc.® (NASDAQ: FUV), makers of rightsized, outrageously fun, ultra-efficient electric vehicles for moving people and stuff, today announced that drivers of Arcimoto Fun Utility Vehicles in Maryland will no longer need to have a motorcycle endorsement under legislation signed by Governor Larry Hogan. The bill, HB 1391, the Clean Cars Act of 2022, sponsored by Delegate David Fraser-Hidalgo, brings Maryland in line with other states that do not require a motorcycle license or helmet to operate an autocycle such as those built by Arcimoto.

The Clean Cars Act of 2022 renews and expands Maryland’s electric-vehicle excise tax credits for zero-emission vehicles, including adding a benefit for three-wheeled motorcycles or autocycles, which will be eligible for up to $2,000, or the maximum excise tax paid, whichever is lower. The excise tax credits will begin on July 1, 2023, and run through June 30, 2027. The credit is limited to one vehicle per individual and 10 vehicles per business entity.

“Addressing climate change is important to us here in Maryland, to protect both our people and our natural areas, and transportation is one of the largest contributors to greenhouse gas emissions in our state,” said Delegate Fraser-Hidalgo. “I was disappointed that our prior EV tax credit program lapsed during COVID, and I’m thrilled to have helped bring it back, to support the necessary transition to a majority-electric transportation system. Best of all, this bill is a $40 million dollar investment, over four years, which is more than we have ever dedicated to this program in the past, and it will help make many types of electric vehicles more affordable to Maryland buyers. HB 1391 also revised the definition of ‘autocycle’ to be more flexible and inclusive about steering technology, because we want to be as welcoming as possible to a wide range of zero-emissions vehicles, as long as they meet necessary safety standards.”

“Making zero-emission transportation more affordable and accessible for all is critical to increasing EV adoption and fighting global warming, and we applaud Delegate Fraser-Hidalgo and the State of Maryland for tackling these issues head on in the Clean Cars Act of 2022,” said Mark Frohnmayer, Founder and CEO of Arcimoto.

Arcimoto vehicles are currently available in Arizona, California, Florida, Nevada, Oregon, and Washington. As soon as sales are ready to begin in Maryland, Arcimoto will reach out to preorder customers there to complete their vehicle reservations. You can save your spot in line by placing a $100 refundable preorder at Arcimoto.com/order.

For the latest company update, check out our Full Year 2021 Stakeholder Webinar. Follow Arcimoto on YouTubeFacebookInstagramTwitterTikTok, and LinkedIn. Investor information about the company, including press releases, stakeholder webcast replays, and more can be found at http://arcimoto.com/ir.