This page has been archived and commenting is disabled.
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.
[original]
»
- EquityNet's blog
- 11771 reads
- Printer-friendly version
- Send to friend
- advertisements -
It's front-wheel drive... It should do as well on icy roads as a honda civic or toyota corolla... Not pimpin, just sayin...
Wow what a dumb thing to say!
It is FWD , it has a compliant suspension with a "normal" amount of ground clearance and the majority of it's weight is on the drive wheels... It'll be fine in snow. Do you know anything about cars other than they are yellow and have a meter?
Back in the day I fixed a few vw powered trikes and had to test drive them. It is very easy to get into trouble on any trike. The faster you go the spookier it gets. 3 wheels = trike. Best not forget that when you drive one.
Define compliant and normal? Im not familiar with those terms in this context.
They keep raising money but have produced no product, how long can the keep the game going ?
It doesn't have to. He takes a salary of two million a year. If the company runs out of money and the thing's a flop, he is personally a major financial success. File for bankruptcy or sell, and walk away. It's the American Way!
See: Star Citizen
What did they use to call it? Vaporware?
NOT Vaporware ,, the are well on their way ... they have the facility , have built 5 prototypes , the now have a production ready purpose built engine , the vehicle is safe efficient and cheap and their supplier base is rock solid. YES I have a reservation for one ... this is the ideal runabout or commuter and it'll be as easy to maintain as a VW Beetle.
Tsk, don't they know they need billions in GS manipulated "investments"?
Is this a ZH article or a press release?
Why would anyone want the thing? Not enough room in there to take a six pack for the road.
At traffic speeds most time on the 101, it would do fine.
I would put a tall flag on mine though.
http://www.firestik.com/Catalog/flags.htm
http://aditudegear.com/fabric.html
What's the differnece?
If this vehicle was 100% electric powered, I'd be impressed. Electric would offer less noise, better acceleration and even better gas mileage. This concept is vastly superior and uses NO gas: http://organictransit.com/
Different but nicer
I think the electric ELF will sell way more than the gas Elio
Electric: Then the vehicle would triple in price.
and weight............
e bike w 750 e motor, rode my brothers, what a blast. tons of power, and batt lasts long tyme.
zip down the trails quite. 2800 bucks. no regs yet...in mn that is. not enuf to get noyiced and regulated. even then i would build my own...
No, it's not vastly superior. It's not even comparable other than the price.