Elio Motors, a start up that’s been given up for dead more than once during the past seven years, says it has begun work on its fifth generation prototype of its light-weight, ultra high-mileage vehicle, which is now slated to reach production next year.
The company is targeting a launch date of mid-2016 for its three-wheeled “car” that will get up to 84 mpg and is expected to retail for $6,800. The P5 is being developed using funds raised through a provision of the Jobs Act of 2012, which allows accredited investors to buy in to Elio Motors.
The P5 is the first in a series of 26 prototypes, codenamed P5 through P30 that will be developed for a variety of testing and validation purposes, according to Paul Elio, the company’s founder, who has persevered against some long odds to get the his vehicle to the pre-production stage. (more…)