Elio Motors has been unique from others. From using just three wheels for its so called car to provide it for under $7,000, Elio is re-examining how you can make and sell private transportation. During the Detroit Auto Show this week, CEO Paul Elio declared two updates to the whole project to bring an 84-mpg trike to market.
First, the trike will not have a locked-in sound element. Rather, Elio will work with MTX to make a modular audio system that can be effortlessly replaced. “We’re committed to not incorporating electronics into the vehicle,” Elio stated during a press conference. “If you have a well-made vehicle, the electronics on board the day you buy it will be outdated before it leaves the road. How many cars are out there driving around with cassette players, right?” More information on the audio system will be coming later.
Second, Elio stated that his firm is going to shut down its Regulation A+ stock offering on February 1. This step paves the way for Elio to go public. “I believe we are the first company to go through the whole process of test-the-waters, take Reg A+ investments, and then list publicly,” he stated. “So we’re very excited about that and about becoming a public company.” Elio will be specified on OTCQX soon.
3 comments
– Elio Motors is not a ‘New Company’, they’ve been around since 2008, and have a ‘history’.
– Just remember, back on (Sep 6, 2013); “Founder Paul Elio told Red River Radio that 25 prototypes are – under construction — in Detroit as the company enters into the product testing phase. “ (Never happened, and they still have not started “construction”or “testing” )
– Speaking about the Shreveport Plant, ..Branden Carey of Elio motors ” We got a lot of the automation equipment in the deal as well. You know, we actually hired the plant manager that was there before. Currently we are building 25 pre-production prototypes there.”- 10/16/2013 (Never happened)
– – (Jan 11, 2014) When asked directly; “You will actually be delivering Production vehicles of this car, WHEN?” Paul Elio answered, “ First Quarter of 2015!” (Never happened)
– – BEWARE — Elio Motors has been taking ‘RESERVATIONS’ for 3 years, but is still short $230 MILLION needed to reach ‘production’. – Since 2008 they have ‘raised’ and -SPENT- $70 million!
– In fact, their $100 – $1,000 reservations DO NOT guarantee that you will ever get a vehicle; Elio Motors says: “ we are under no obligation to supply you with a vehicle.“
– And when asked, they refuse to provide which ‘reputable financial institution’ is responsible for their “Refundable” escrow account.
– Even with the “$21 million collected for “reservations”, they have NOT BUILT nor TESTED one complete Pre-Production Prototype with operable systems to ‘validate their claims’ of fuel economy, or safety!” …. since 2008.
– In the past, If you asked any ‘difficult’ questions, or express ‘discontent’ on their FaceBook page, it was [DELETED], and you were “BLOCKED”’; or the post was [HIDDEN] from the general readership (seen only by the ‘poster’ and ‘Friends’)!
– Interesting ‘concept’; but NO WAY they will be in production and on the road, by Mid-2016, as they ‘claim’. – Their ‘Production Date’ has already ‘slipped’ from Jun/Jul 2014 → 1st Qtr 2015 → 3rd Qtr 2015 → to First ½ 2016! → 4th Qtr 2016 → End of 2016.
– They have NOT demonstrated their “84mpg” and do not guarantee their ‘selling price’ of $6,800. They have never ‘demonstrated “at least 75mpg” to QUALIFY for the ATVM LOAN. They are ‘fleecing’ our citizens.! Please do your ‘Homework’! Paul Elio said that they will be producing 179,000 vehicles the FIRST year (only 48,000 reserved in 3 years); so no need to “Reserve” … if you are ‘interested’!
Mr. Paul Elio, gets $250,000 per year…… and has PRODUCED and SOLD nothing (except 48,000 T-Shirts)! Heck, they don’t even have an ‘operating’ Windshield Wiper, on their ‘P5’! Nor does the P5 have a MTX modular audio system; it has a ‘Infinite Skyz’ system.
The previous poster raises a whole list of fears. Some of them are valid and I agree you need to consider the possibility this project will not be successful. Yeah lets all be afraid. I am afraid to leave my bed. How is that working for you?
I hope this project is successful. I have invested some money in it and if it is not successful I will be out that money. I am OK with that. You can decide for yourself. Why is the previous poster trying to harsh my dream anyway???
I understand the risk that nothing may come of this venture. I believed in the project and put down a deposit knowing that I may lose it. My main beef is that the people in charge of the ELIO are spending too much time with cutsie pictures at all kinds of shows and there is no indication to us – the people waiting for a real car to be on the road – as to what is happening about production. I think we would be more willing to live with these annoyances if management would keep us up to date about what is happening in the real world and when we could (realistically) see a production start. My friends are beginning to laugh at me (remember ‘Fulton’s Folley?) and I am not certain I will see a car delivered before I die.
Please give us the real truth about what to expect instead of dragging out the pain. I still believe in Paul Elio’s integrity to be up front.