What happened Shares of Arcimoto (NASDAQ: FUV) dropped as much as 18% this morning before recovering some of those losses. The stock remained down 9% as of 11:30 a.m. EST. The maker of specific-use electric vehicles (EVs) reported its third-quarter earnings after the close yesterday and provided a business update. So what Arcimoto announced in its earnings release that production and delivery of its pure EVs has resumed following disruptions from the coronavirus pandemic, and that revenue year to date through Sept. 30 has surpassed every prior full year. Arcimoto Fun Utility Vehicles (FUVs). Image source: Arcimoto. The company reported a net loss of approximately $4.6 million for the period, however, compared to a loss of $4 million in the prior-year period. It also announced the development of a new Roadster, using the three-wheel Arcimoto platform. Now what During the third quarter, the company announced a partnership with delivery company DHL to advance its direct-to-consumer model supporting its plans for mass production and home delivery nationwide. The growing company's three-wheel EVs include the Fun Utility Vehicle (FUV), the Deliverator for last-mile delivery, and the Rapid Responder for emergency response use. The company is scaling up to grow its production capacity to 50,000 units per year within 24 months. This compares to the 31 vehicles it delivered in September 2020. Shares have already risen more than 360% year to date, and some investors are taking profits today, as Arcimoto still has a long road to reach its production goals. 10 stocks we like better than Arcimoto, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Arcimoto, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source