Troubled automotive startup Elio Motors has stated in its latest K-1 form that it needs $376 million in order to bring its three-wheeler to life.
In the filing, Elio says that it needs “to raise additional funds to complete prototypes, testing and move into production.” Additionally, the startup says the $376 million is needed to “fund production activities in the next 76 weeks” and that it hopes some funding can come from capital leasing of equipment, debt arrangements and venture equity.
In January, a filing to the U.S. Securities and Exchange Commission from Elio revealed that as of September 30, 2016, the company had just $101,317 in the bank and $123 million in accumulated deficit. What’s more, it ended last year with a net loss of $52.7 million and is already well behind its targeted launch for the E1c three-wheeler.
Elio had originally intended on pricing the E1c at just $6,800 but that figure climbed to $7,300 in last year’s filing. Now, a base price of $7,450 is being targeted, a figure which Elio claims is still unbeatable by most major auto manufacturers.
In a bid to save some cash, the company admits that from January 1, 2017, it “furloughed a significant portion of the engineering, manufacturing, and sales and marketing workforce.”
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