EUGENE, Ore. (AP) — Arcimoto, an Oregon-based electric vehicle company, raised nearly $20 million in a recent initial public offering and its founder says the firm is on track to deliver its first vehicles to customers this year.

Arcimoto shares will begin trading Thursday on Nasdaq under the ticker symbol FUV. That stands for "Fun Utility Vehicle," which is how the company describes its vehicles with seats for a driver and one passenger, three wheels and motorcycle handlebar-style steering.

The price of the company's base model price is $11,900 — about a third of the price of a typical electr...