DETROIT, Jan. 12, 2016 /PRNewswire/ -- Elio Motors today announced it has taken another major step forward by beginning the production process for its E-Series of engineering and testing prototype vehicles.
The E-Series will be used for safety testing, durability testing and wind tunnel testing, to name a few. This will allow Elio Motors and its supplier engineering teams to make final adjustments for manufacturability, safety and aerodynamics, all critical steps in developing a vehicle that will meet and exceed customer expectations.
Elio Motors has developed an enclosed three-wheeled vehicle that has a targeted base price of $6,800 and will get up to 84 MPG. The company has a late 2016-targeted production date.
"The E-Series prototypes are where we get down to some of the most critical details in the development and manufacturing process," said Paul Elio, founder and CEO of Elio Motors. "It can be a somewhat arduous process, but as an engineer, it will be one of the most interesting legs of our journey to production. For our customers and fans, this is a tangible sign of our ongoing progress and momentum. Elio Motors and our supplier companies are thrilled to be at this stage of development as we move closer to our final vehicle design."
The E-Series vehicles will be developed at Technosports Creative in Livonia, Mich., the same company that built Elio Motors P5 prototype vehicle that will be on display January 16 – 24, 2016 at the North American International Auto Show. Currently, Elio Motors and Technosports are determining what components are needed for which tests. Once the build and test sequence has been optimized, Technosports will begin hand-building individual E-Series prototypes.
As various tests are completed, the company will compile data about what adjustments need to be made in the vehicle design and on the production line. This will help determine the company's final tooling needs.
The E-Series will be funded by Elio Motors' current crowd-funded stock offering, which was made possible by Regulation A+ mandated by the 2012 Jumpstart Our Business Startup (JOBS) Act.
"Regulation A+ has been an incredible boost to entrepreneurs in the United States, as it provides easier access to potential investors," Elio said. "Funding has been our biggest challenge to date, but Regulation A+ paved the way for our current stock offering. We are one of the first companies to put this new funding model to the test, and the E-Series will be a result of this effort."
In March 2015, the Securities and Exchange Commission finalized rules under Title IV of the JOBS Act to amend Regulation A, facilitating the way for private companies to raise up to $50 million from non-accredited investors."
Non-accredited investors have annual incomes of less than $200,000 for individuals or less than $300,000 for married couples and net worth under $1 million, excluding their primary residence. Historically, non-accredited investors have been left on the sidelines for many investment opportunities, such as Initial Public Offerings and venture capital. Regulation A+ opens more investment opportunities for everyday people.
Since Nov. 20, 2015, Elio Motors has offered stock to the general public, including non-accredited investors. Anyone interested in learning about the company and making an investment can go to www.startengine.com and click on the Elio Motors icon to start the process.
Elio Motors will produce the vehicle in Shreveport, La., at a former General Motors production facility. The company estimates upwards of 1,500 will be directly employed at Elio Motors' Shreveport, Louisiana production facility. In addition, the Elio will use 90 percent North American content and create an additional 1,500 jobs from the supply base, Elio Motors corporate, as well as sales and service once full production is underway. Plus, approximately 18,000 indirect jobs nationwide are projected to be created or sustained.
About Elio Motors
Founded by car enthusiast Paul Elio in 2008, 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, La.
The securities offered hereby are highly speculative. Investing in shares of Elio Motors, Inc. involves significant risks. This investment is suitable only for persons who can afford to lose their entire investment. Furthermore, investors must understand that such investment could be illiquid for an indefinite period of time. No public market currently exists for the securities, and if a public market develops following this offering, it may not continue. To obtain a copy of the Offering Circular, go to http://www.eliomotors.com/equity or click here to download directly.
SOURCE Elio Motors