The Elio Motors saga continues. (vehicle, 2013, credit, miles per gallon)

[somebodyfromnc]

They claim they will be building cars next year. They've been saying "just wait until next year" for the better part of a decade though, and still no car.

Count on it, Paul Elio said Friday: His much delayed three-wheel vehicle, once touted as the salvation of the shuttered General Motors plant in Shreveport, will be available for purchase in about 18 months.

Elio said his company, Elio Motors, is close to solving the financing difficulties that have stalled production of his vehicle multiple times since announcing his plan in 2013.

The Elio Motors CEO has said as much before, prompting skepticism among elected officials and citizens about whether the Elio three-wheeler, and Elio's prediction of hiring 1,500 workers, were for real.

Elio also expressed confidence at a press conference exactly one year ago — on May 11, 2017.

"I feel very confident with what I know today that we're going to get this off the ground," he said a year ago.

This time is different, Elio said.

First, the online retailer Overstock.com provided a lifeline last month when it invested $2.5 million to buy newly issued shares of Elio Motors stock.

Also, Elio said he's working with a Wall Street investment bank, Jones Trading, to raise additional investor cash through a "securitized token offering" — a relatively new investment vehicle based on cryptocurrencies like bitcoin. Jones Trading specializes in arranging private trades of blocks of securities in public companies.

"2017 was a difficult year," Elio said Friday. "Not much happened, at least that was seen publicly." But with new funding through a securitized token offering, he said, "We are ready to succeed."

Elio spoke during a press conference in the Regions Bank Tower organized by Caddo Parish Commissioner Louis Johnson, who represents the commission district that is home to the General Motors plant, closed since 2012. Caddo Parish government bought the plant the following year.

Elio said that he has met with Elio Motors suppliers and that all are on board. After putting financing in place, Elio needs 76 weeks to commence full production, plus a few weeks to "knock the dust off" the supply chain following the most recent delay, he said.

That would put delivery of the first Elio vehicle for sale in the late fall of 2019.

Elio said the "value proposition" for his vehicle remains the same — a vehicle that can be bought cheap, at $7,500, and that gets 84 miles per gallon. He said the vehicle would compete well against all-electric small vehicles because of the low initial purchase price and the easy availability of gasoline.

"Our design is modern," he said.

He said he has 65,000 orders for the vehicle, worth $700 million in future revenue.

Johnson credited Elio for his willingness to travel to Shreveport to speak with the news media and to meet with parish commissioners.

"We need hundreds of millions of dollars," Elio said.

He said Elio Motors has disclosed in public filings that the company needs up to $376 million in additional financing — on top of $115 million invested to date. But he also said the real amount the company needs is less, although he would not provide a specific figure.

https://www.shreveporttimes.com/stor...019/602065002/

[ukrkoz]

Hey, I still have their T-shirt. Complementary to $100 sign up donation. Lost track how many years ago it was. Ah, 6/3/14.
I have no intentions to buy that car anymore, as it went up in price several grand since idea - and promise - inception. For close to ten grand I'd rather buy used Prius.

[ukrkoz]

$7500? *MSRP excludes destination/delivery charges, taxes, title, registration, and options/installation.

[caveogre72]

Elio started out at $6500. I don't know where you got an increase of "several grand" from.

[southernnaturelover]

Gosh, I had forgotten about Elio. One of the nurses at my doctors office told me he put a deposit down on one.