The frugal (and quite interesting) Elio three wheeler is not dead, but its market launch has been pushed back a year to 2016. Apparently, the company’s sketchy finances are the reason, as it needs $240 million to get production going, and so far it’s reportedly only raised just over a quarter of it.
According to TTAC, which obtained information from company boss Paul Elio, there are plans to raise the money, and the situation is not desperate yet. One way to go to raise the remaining $185 million would be to borrow it from the Department of Energy’s (DoE) Advanced Technology Vehicles Manufacturing (ATVM) loan programs.
Another way would be to start selling equipment from the Shreveport, Louisiana plant bought in a leveraged deal in the hopes that some money could be made from selling its tooling and equipment.
Elio Motors has also not finished testing out its Suzuki-based three-pot engine. The unit still needs to be dyno-tested before it’s cleared for production.
Photo Gallery
