Detroit Bureau on Twitter

Posts Tagged ‘Elio cash needs’

Elio Motors Looks to Raise $100 Million with New Offering

Production date of three-wheeler pushed back to 2019.

by on Aug.07, 2017

The Elio will get 84 mpg when the three-wheeler hits the streets.

Paul Elio is still determined to make his three-wheeled dream a reality. Elio Motors, the much-ballyhooed company created to make it happen, is looking to raise as much as $100 million in a new public offering.

The Elio is a three-wheeled, two-seat car that was expected to get 84 mpg. The car was initially featured a target price of $6,800, but that’s risen since its introduction several years ago to $7,450. The car is produced in a former General Motors plant in Shreveport, Louisiana.

News Now!

In addition to asking for the $100 million, the company revealed in the filing that production vehicles will be unlikely to hit the road until 2019, which is a year later than the last estimate. More than 62,000 people have paid for reservations for the vehicles. (more…)