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Elio’s sub-$7K 3-wheeler reportedly at least a year from production

elio motors production pushed to 2016 due finance woes img 0343
Image used with permission by copyright holder
Automotive startup Elio Motors is still pushing to get its super-affordable three-wheeler to production, it just needs to raise more money to do so. As it stands, they need about $240 million to kick things into gear, and they only have $65 million.

The plan for founder Paul Elio is to make a $6,800 car with 84 mpg. The two-seater is powered by a three-cylinder, 55 horsepower engine and is meant to be an affordable, safe commuter vehicle for those priced out of car ownership by average vehicle and fuel costs. A recent interview with TTAC reveals that the project needs to raise the remaining $185 million before moving into production.

Image used with permission by copyright holder

Mr. Elio revealed during a public meeting that production has been pushed back to 2016 while the finances are sorted out, and has even started to sell off some equipment from a renovated plant in Shreveport, Louisiana that Elio purchased in a leveraged deal. We don’t know how big of a dent that will make, but millions of dollars worth of equipment have been listed for sale.

Another way to raise the remaining funds is to apply for a loan from the Department of Energy’s Advanced Technology Vehicles Manufacturing loan program, which the company has done. Complicating things even further is that the company will now most likely miss a deadline to reserve floor space in an old Shreveport-located GM factory Elio planned on subleasing.

So far, it doesn’t bode well for the three-cylindered, three-wheeled two seater, but it has some options in the process, with a lot of people rooting for its success.

Alexander Kalogianni
Former Digital Trends Contributor
Alex K is an automotive writer based in New York. When not at his keyboard or behind the wheel of a car, Alex spends a lot of…
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