Willing to risk some cash to help bring a radical new automotive concept to market? Does Paul Elio have a deal for you.
The founder and CEO of start-up Elio Motors has announced that his newly public company is opening up its first stock offering to the general public in a bid to raise $25 million. That would allow it to take the next in a series of steps that could bring to market a 2-seat car capable of getting 84 miles per gallon and costing just $6,800.
Elio Motors revealed the latest prototype, dubbed the P5, at the Los Angeles Auto Show last month and said it hopes to stick with its plan to begin production at an old GM plant in Shreveport, Louisiana by late next year.