Search
Saturday 27 May 2017
  • :
  • :

Elio’s Crowd Funding Efforts Remain Steady

Elio’s Crowd Funding Efforts Remain Steady

Elio Motors has brought in more than $900,000 a day in funding commitments since kicking off its crowd funding efforts on StartEngine.com a few weeks back. In fact, the maker of the three-wheeled, super-high-MPG vehicle is more than two-thirds of the way towards its goal of raising $25 million through crowd funding. As of this writing, the company has received $18,908,760 in “non-binding indications of interest” so far. The money will be used to make about two-dozen more prototypes to continue testing the concept.

Grant Harvey, the Media Relations Manager for CrowdfundX, told AutoblogGreen that if Elio hits its $25-million goal, it “will be the highest grossing equity crowd funding campaign. Elio is about to make history.”

Founded in 2008, Elio is making a three-wheeled vehicle that it says will get 84 miles per gallon and will be priced at just $6,800. So far, the company has taken almost 45,000 reservations for the trike. The vehicle boasts a 0.9-liter, three-cylinder engine that the company says can take the car to more than 100 miles per hour for those crazy enough to give it a try.

Elio says it was able to start the crowd funding effort because of rules US regulators put into place earlier this year that loosened regulations for private companies looking to raise no more than $50 million from accredited and non-accredited investors.

Elio is partnering with manufacturer Comau to make its cars at a factory in Shreveport, LA that it purchased in 2013 and where it plans to employ about 1,500 people. The plant was previously operated by General Motors. Elio has set a 2016 date for building its first cars for the public.

Elio’s vehicle reservations are about double what they were a year ago. Last year, Elio took a prototype on the road to show it off in 33 cities.