Eugene electric vehicle manufacturer Arcimoto said Thursday it will cut its payroll expenses by a third through layoffs and furloughs amid growing financial pressures and a plunging stock price.

“Today’s cost restructuring is a direct response to the macroeconomic environment conditions and supply chain issues we are facing, requiring us to be more disciplined and laser focused on the areas of our business that are most critical to achieving profitability,” interim CEO Jesse Fittipaldi said in a written statement.

Arcimoto had 250 employees at the end of December. Fittipaldi declined to say how many workers will lose their jobs in Thursday’s restructuring.

The cutbacks come just seven months after Arcimoto opened a new, 250,000-square-foot factory in Eugene to increase manufacturing capacity. The company said last month that it sold 41 vehicles in the second quarter at an average price of about $22,000. But Arcimoto said it was cutting production targets for 2022 because of supply chain bottlenecks.

Arcimoto said Thursday it will shelve some long-term projects to focus on its most promising vehicles.

“These difficult steps are necessary in order to maximize our current resources, reduce operating expenses across the board, and generate increased value for our shareholders,” Fittipaldi said in his statement.

Arcimoto makes a line of lightweight electric vehicles anchored by a three-wheeled motorcycle it calls a Fun Utility Vehicle. Founded in 2007, Arcimoto was still a tiny company in 2017 when it made the unconventional decision to go public and sell shares on Wall Street.

The move paid off, briefly, as Arcimoto became a favorite of day traders and electric vehicle investors. But the company ran into repeated production and supply chain problems and rapidly drained its cash reserves.

Arcimoto had just $5 million in cash at the end of June, down from $17 million at the end of 2021. It has been keeping the business afloat by selling additional shares, diluting existing investors’ stake.

The company’s stock has lost 96% of its value since February 2021, when it peaked above $36. Shares dropped another 7.3% Thursday, closing at $1.39 after Arcimoto announced its restructuring plans.

Arcimoto abruptly replaced founder Mark Frohnmayer as CEO last month. The company initially didn’t explain the decision, but after The Oregonian reported Frohnmayer had been arrested three weeks earlier for driving while intoxicated, he acknowledged the incident was a “catalyst” for his removal.