LIVONIA, Mich., June 30, 2016 /PRNewswire/ -- Elio Motors, Inc. (OTCQX: ELIO), the start-up vehicle manufacturer planning to launch a three-wheeled vehicle that will get up to 84 mpg with a targeted base price of $6,800, today announced the completion of its first E-Series testing vehicle, one of the company's most important milestones in its march toward production.
The first E-Series vehicle, code-named the E1A, was unveiled here today in front of a crowd of more than 200 automotive supplier executives and engineers, each with a key role in the long-term development of Elio Motors. As Elio Motors continues to develop the E-Series vehicles, its supplier and engineering teams will put the vehicles through a battery of tests that will help refine and finalize the overall design prior to final production.
"This is another banner day in Elio Motors' history, as we continue to achieve important objectives, one after another," said company founder and CEO Paul Elio. "The completion of the first E-Series vehicle signals the launch of another critical phase in our journey. The real-world performance data that we gather through the E-Series testing will allow our team to make final adjustments prior to tooling up for production. This is a giant step forward for the company and our Elio reservation holders as we continue to progress."
Elio Motors is planning to build 23 E-Series testing and validation vehicles to test for safety, aerodynamics and durability. Once the testing phase is concluded, the company will begin preparations for building 100 pre-production vehicles at its Shreveport, La., manufacturing facility.
"Elio Motors is on a march toward production and the testing and engineering phase enabled by the E-Series assembly is crucial to our long-term success," said Gino Raffin, Vice President of Manufacturing of Elio Motors. "It will give our world-class supplier teams the opportunity to make final adjustments that will get our design closer to the manufacturing stage and to our targeted 'must have' goals. As a veteran manufacturing exec, these are the days that still get the blood pumping."
The E-Series completion was funded in large part by the crowd-funded stock sale the company completed earlier this year. Elio Motors raised nearly $17 million utilizing Regulation A+, which allows private companies to raise funds from accredited and non-accredited investors alike. Elio Motors is the first, and still the only, company to conduct a Regulation A+ stock offering and then have its shares publicly traded. Elio Motors stock began trading on the OTCQX, the top tier exchange of the OTC Markets Group, on Feb. 24, 2016.
The E-Series assembly is another in a series of important accomplishments for the company in 2016, as it continues to gain momentum. In addition to its successful Regulation A+ fundraising activity, the company has received more than 55,000 reservations.
About Elio Motors
Founded by car enthusiast Paul Elio in 2009, Elio Motors Inc. represents a revolutionary approach to manufacturing an ultra-high-mileage vehicle. The three-wheeled Elio is engineered to attain a highway mileage rating of up to 84 mpg, while providing the comfort of amenities such as power windows, power door lock and air conditioning, accompanied by the safety of multiple air bags and an aerodynamic, enclosed vehicle body. Elio's first manufacturing site will be in Shreveport, Louisiana.
Certain statements in this press release are "forward-looking statements." These statements involve risks and uncertainties, and the Company undertakes no obligation to update any forward-looking information. Risks and uncertainties that could cause actual results to differ materially from planned operations include, without limitation, delays in receipt of adequate financing, delays in commencement of production, decreased consumer interest in the Company's products, downturn in general economic conditions, increased production costs and availability of raw materials, competition, and unfavorable market and regulatory conditions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. Readers are referred to the Company's periodic reports filed with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The information contained in this press release is a statement of the Company's present intentions, beliefs or expectations and is based upon, among other things, the existing business environment, industry conditions, market conditions and prices, the economy in general and the Company's assumptions. The Company may change its intentions, beliefs or expectations at any time and without notice, based upon any changes in such factors, in its assumptions or otherwise, and it undertakes no obligation to revise or update publicly any forward-looking statements for any reason. The cautionary statements contained or referred to in this press release should be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on its behalf may issue.
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SOURCE Elio Motors