During the New York Auto Show that took place last month, Elio Motors revealed its three wheeler commuter car. Furthermore, Elio Motors also announced an intention to offer the public with an opportunity to invest in the proper upstarting of the motor company. Reports indicate that the company has been looking for investors in order to gather 30 million dollars so that Elio Motors can have the bankroll necessary for the production of its three-wheeler commuter car.
According to Technology Tell, the $30million will be in the form of convertible subordinated debt to accredited investors. In concert with that, the public offering decision is a part of the overall fundraising strategy designed for Elio Motors. It includes the selling off of surplus equipment from the former GM Truck Plant located in Los Angeles, in Caddo Parish. This is where the company actually intends to manufacture its breakthrough vehicles.
Elio Motors unveiled the design of its three-wheel, fuel-efficient concept car around three years back and it was considered to be a highly affordable vehicle. Right now, Elio Motors is quite confident about being able to start production by 2016. Since it is an independent car manufacturing company, currently a start-up in nature, it will need funding. Funding is the biggest stumbling block, currently for Elio Motors, in their path to the production of the most fuel-efficient vehicle ever with fuel efficiency ratings of 84mpg, indicating a consumption of only 2.8 liters per 100 kilometers.
At the Consumer Electronic Show (CES 2014), the company accepted around 39,000 reservations for its upcoming breakthrough three-wheeled vehicle. In the process, the consumers shelled out cash ranging from $100 to $1000. According to Elio Motors CEO Paul Elio, the major deal is to get the production finally going.
During a recent interview at CES 2015 which took place in January this year, he said that the company is working on coming up with various strategies in order to start the production process. He also appears to be quite confident about Elio Motors being able to start production soon. When he was asked regarding the production date of this breakthrough vehicle, Paul Elio reported that it is still too early to come up with an exact release date but they are certainly hoping to begin production sometime in 2016. He declared that chances of beginning production by 2015 are quite slim.