EUGENE, Ore. — The founder of an Oregon-based electric vehicle company says the firm raised about $19.5 million in its recent initial public offering, putting it on track to deliver its first vehicles to customers this year.

Arcimoto currently employs 23 in Eugene, and founder Mark Frohnmayer tells The Register-Guard that hiring will increase as production ramps up.

Arcimoto had 1,778 preorder customers as of Tuesday, and it hopes to fulfill those orders by the end of next year. Frohnmayer says the goal is to build at least 10,000 vehicles in 2019.

Arcimoto shares will trade on Nasdaq under the ticker symbol FUV. That stands for "Fun Utility Vehicle," which is how company officials describe the vehicles that have two seats and motorcycle handlebar-style steering.

--The Associated Press