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Elio Motors Hits $25 Million Crowdfunding Goal
(photo illustration; original by Balansboy)
Elio Motors announced earlier this week that it has received “non-binding indications of interest” valued over $25MM through its initial crowdfunding campaign on StartEngine. To date, the company has received $25,436,650 from 6,773 people, averaging $3,755 per person, and will continue to take additional expressions of interest while working with the SEC on next steps. It will eventually proceed with filing an offering statement and will begin to make a formal stock offer to interested investors after approval.
The Arizona-based company will partner with Fiat subsidiary, Comau, to build its three wheeled vehicles that are expected to retail for $6,800 and achieve up to 84 MPG at a former General Motors factory located in Shreveport, LA. Elio plans to employ around 1,500 people and will start building the cars for the public in 2016. Over 43,000 reservations for the vehicle have been made so far.
Elio’s crowdfunding campaign was made possible on June 19, when Reg A+ of the JOBS Act Title IV went into effect, enabling private companies to raise capital of up to $50 million from both accredited and non-accredited investors. The company, however, ran into issues during its campaign when it started noticing several potential investors it deemed suspect based on newly created email addresses and dollar amounts.
The unconventional design of the vehicle places it under the US government’s motorcycle classification, and even though the company has successfully lobbied in most states to alter regulations that would otherwise require drivers to wear a helmet, you’d still need to wear one in Nebraska, Missouri, Mississippi, West Virginia, and North Carolina – mainly because those states want you to look even more ridiculous while straining the car’s three-cylinder, 55 HP engine down the highway.
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Check out the ELF! It's an electric bike with a very similar shape (two wheels in front, 1 in back) that can go 20 MPH with no pedaling. You can accelerate away from an intersection as fast as a car with electric assist alone. This is a big deal to anyone who actually knows what riding a bike in traffic is all about. You can comfortably ride with car traffic up to 30 MPH without breaking a sweat. 35+ if you're adventerous and more fit.
Yes it costs almost as much as the Elio, but you never have to refuel it and it does have a solar panel on top to recharge the battery.
ttp://organictransit.com/
If he does an IPO sale, then what would keep GM & Ford from taking over the company or destroying the Stock. Selling Bonds and Stocks on the Open Market is putting yourself into Warfare.
http://www.rt.com/news/310724-motorcycle-water-runs-kilometers/
Where do you drive this in a parking lot? Or maybe out on country roads. Bring this on any highway near a major city in the US and you will be activating your overpriced and under serving ObamaCare insurance shortly.
The only thing you need a banker for these days is a hanging tree.
Some will escape, but for a majority, the guillotine blades are being sharpened
Go with the Tata Nano for about 2 or 3 k.
Two wheels good.
Three wheels bad.
Except for my sidecar when it's hooked up.
A serious babe magnet. They all want to feel 70 mph. with their business end a foot off the ground.
Jeremy Clarkson P45.
Best car ever designed
"Jeremy Clarkson P45.
Best car ever designed"
I am not sure of that....
https://www.youtube.com/watch?v=dJfSS0ZXYdo
How am I supposed to bang chics in that thing if it aint got a backseat?
bangin chics is so 1980's. Now its bangin chics with dicks
Nice.
Just throw a towel on that hood and bang away.
I think getting chicks to even go near that vehicle is going to be an issue........haven't seen too many dudes rockin' the fourtwo either.
Because four-wheeled vehicles are so unstable.
Liberty is a demand. Tyranny is submission..
"I smell it again. I smell scam poontang."
the three wheeled bikes for the weak, unskilled and old men are selling like the honda 100. there is no reason a trike with a built in bug, rain shield and helmet won't do well.
Those trikes deliver wind in the hair and nearly the motorcycle experience. The Elio thing won't deliver that.
That steaming pile of shit will get 84 mpg when pigs fly.
Great idea but Aptera already tried this and had better ideas and they FAILED. Good luck sending money to these people.
https://en.wikipedia.org/wiki/Aptera_Motors
Aptera: EXPENSIVE , unproven tech , difficult to manufacture , sexy
Elio: Cheap , proven off the shelf tech , easy to manufacture , less sexy but should be fun
Checked out your link. Big difference in price. But his will fail anyhow. It will fail because if it starts to become successful, and college grads stop taking out jumbo car loans, the big money will speak. Ths big money will shut down any idea, good or not, that threatens them. Case closed.
Squashed like a bug by some medicated, and/or texting, fool in 6,000lb SUV.
True that, like driving around in a coffin.
Gimme a crotch rocket any day. At least I can out maneuver, out accelerate and out brake distracted idiots.
will it need snow tyre?
25 m to build a trike? Suckers.
Check out the Wraith/MS4 built in the 80s. The LoReMo diesel built in the 90s.
This is a chain yank. Trikes have a proven record of not being all that great on the road in the real world.
Further back, man. Try 1956.
https://en.wikipedia.org/wiki/Heinkel_Kabine
This too:
https://en.wikipedia.org/wiki/Kei_car
Further back, man. Try 1956.
https://en.wikipedia.org/wiki/Heinkel_Kabine
This too:
https://en.wikipedia.org/wiki/Kei_car
I've been enthusastically waiting for a car like that for a long time. Using anything larger to simply communte to work and back is economically wasteful to a disgusting degree. This is actually good news for the US economy. So, the story is valuable and I'm glad ZH posted it. Very good to know.
And besides, ten years from now, cars like this are the most Americans will be able to afford. So, take a look at the future of the roads by looking at that car.
"I've been enthusastically waiting for a car like that for a long time."
These are better:
https://en.wikipedia.org/wiki/Kei_car
I've driven these things in Japan and they're a charm. Check out the import rules where you live. Here in Canada you can bring them in as used, but not new. I see more and more on the road all the time, especially the Mitsubishi Delica (4WD) which is popular with the off-roaders. Local dealers specialize in the trade and also in parts.
https://en.wikipedia.org/wiki/Mitsubishi_Delica
Of course they're right hand drive, and if it's a van, the sliding door is on the wrong side, but these are minor issues when you consider:
a: for their age, used Japanese vehicles have way fewer km's on the clock.
b. they are much better maintained due to strict mandatory annual inspections.
I considered buying a Delica but went with a Jeep XJ instead for one simple reason. My wife's safety. I just know she'd get in trouble with RHD. Ironically, she's Japanese but has only ever driven in North America. Most Japanese don't drive, they take the train.
Cars have four wheels.
http://www.rac.co.uk/buying-a-car/car-reviews/morgan/range/207783
and marriage is between a man and a woman.
You are so racist!
CORRECT , the Elio is technically a "enclosed cyclecar" which means that in Cali you can run in the HOV lanes! And for me in Florida it means cheap license plates and I don't need insurance... MORE SAVINGS... A/C Cruise ,, good stereo , ridiculously cheap to drive .. and FUN FUN FUN....
It is a Chevy Sprint with 3 wheels... 55MPG back in the 80's, with a 3 cylinder engine. Hmmm, wonder why Chevy stopped making those - probably because a Sprint stood no chance in any type of accident. Driver beware!
Another "Tesla" wanna be.But we might be driving cats like it the way things going.
CAT could use the sales. They've been dropping like a rock, quarter after quarter.
Hate to hit a semi in that thing. Maybe they can incorporate 6 handles on the side, and it can double as a coffin- re-coup your initial investment!!!
"Hate to hit a semi in that thing."
Hit a semi in anything but another semi and you're toast anyway.
Actually, you can build a roll cage inside that would protect you. They build small ones for fuel dragsters, that crash at over 200 MPH, and the guys get out and walk away. Besides, don't you think the government will require 2 billion dollars worth of safety testing anyway, as soon as the first minority driving one gets unfairly injured?
Would you rather be in that or a motorcycle when you are going head-on towards a heavy truck?
I've seen two accidents with motorcycles where the rider got up and walked away. First was a full forward flip over the hood of a car that cut him off. Landed on his ass and slid 100 feet. The other was a side slip where the bike went east and the rider west, rolling over a dozen times until he hit the curb.
Both were traveling well in excess of the safe speed, which is where most motorcyclists lose it. If you use your head and are vigilant, your survival rate is pretty damn good. Just don't take any passengers - they usually come off the worst in a collision.
Neither- rather be home having a beer. I think the result would be the same.
That's why you drink when you're driving it.
Drunks don't worry bout nuthin.
Besides, you're gonna die anyway.
Such an absurd, silly comment. If you're unsure of your driving skills and reflexes, continue to drive a tank. That's entirely your option. WHATEVER YOU are driving, I'm sure I would hate to hit a semi as well. Or do you take the train?
I think its fantastic that this individual is attempting to manufacture something like this. Of course, Uncle Sam will do its best to interfere and prevent anything from happening. Elio might have to get a lobbyst first to bribe the right people in government.
You must be one of those idealistic idiots who think such a thing will never happen. You can have the best driving skills in the world, but it won't help you, when someone in a much larger vehicle creams you. It has all the protection of a motorcycle, which is zilch. I know cause I ride one. DEFENSIVE driving skills is your ONLY protection.
It has all the protection of a motorcycle, which is zilch.
*******************************
NEGATIVE Sodbuster,, it has a steel tube perimeter cage, a large crush zones front and rear , 5 airbags and is highly visible due to it's uniqueness ... I also ride and this is every bit as safe as any small car.
Nothing to do with idealistic rube. And we can cross dislike each others comments all day long. You're an asshole for dengirating a product because of FEAR. If you don't want to drive one, DON'T DO IT. ITS THAT SIMPLE. You're kind of a chain and slavery type of moron where you have to interfere with other people's liberty to do as they want. Want to promote and project your fear based judgements. I get to call you on it for being a freak too insecure with his own driving habits.
Wow- what's with the name calling and hostility? You act like you have money in the company!! Do I like the vehicle? I could care less. Will I own one? Probably never. Will it be successful? No idea. Don't care. Good luck to everyone involved. You are an asshole who I find amusing.
Oh look a squirrel with an arrow in it's head.
Nebraska? Can't see that vehicle being of much use any where that it snows.