PHOENIX, April 20, 2016 /PRNewswire/ -- Elio Motors, Inc. (OTCQX: ELIO), the startup 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 it has established a Pilot Operations Center in Livonia, Mich., for the purpose of assembling its E-Series vehicles. The E-Series vehicles will be used to conduct safety, system-performance, manufacturability and durability tests.
In January at the North American International Auto Show, CEO Paul Elio announced that Elio Motors and its supplier partners had started the E-Series development process by determining the specific parts and build sequence for the test vehicles. With that phase of development complete, the company is gearing up for the E-Series assembly.
"Beginning the E-Series assembly is another important milestone in our journey toward production, as these test vehicles will allow our engineering and supplier teams to evaluate and validate our design," Elio said. "Commencement of the build will be another tangible sign of the progress we continue to make every day in our unrelenting quest to get this vehicle to market."
The E-Series vehicles will be hand crafted at the Pilot Operations Center by a seasoned, eight-person build team. The first E-Series vehicle will be used to calibrate and test the Anti-Lock Braking System supplied by Continental Automotive. As additional E-Series vehicles are completed, they will be used for a variety of aerodynamic, safety and durability testing. The build team currently is studying the E-Series vehicles' systems and processes, prior to build launch.
According to Gino Raffin, vice president of Manufacturing and Product Launch for Elio Motors, the E-Series build is a monumental step for successfully moving the Elio from engineering and design development to eventual commercial production.
"The E-Series vehicles are an important bridge from the prototype phase to the commercial production phase," Raffin said. "Building the E-Series vehicles in Detroit allows for a seamless and timely execution because the majority of our original equipment supplier partnerships are based here. All of the learning that we gain during the E-Series vehicle build will be transitioned to our production facility in Shreveport for our 100 pre-production vehicle builds that are slated for the end of the year."
Raffin said the Elio Motors Pilot Operations Center was established adjacent to Technosports Creative – the company that built Elio prototypes P2 through P5 – to facilitate the transfer of knowledge as the company transitions from the prototype development phase to the E-Series.
The continued progress with the E-Series build comes on the heels of a busy first quarter for Elio Motors. Among the company's highlights:
- Elio Motors raised nearly $17 million in a Regulation A+ stock sale.
- Elio Motors stock began trading on the OTCQX market, making Elio Motors the first company to raise money through Regulation A+ and have its shares go public.
- Elio Motors announced its innovative ePlus options ordering system at the New York International Auto Show.
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