PHOENIX, May 2, 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 that the current 50 percent reservation bonus offer will end May 31, 2016. Elio Motors will then reduce the reservation bonus offer for a non-refundable reservation to 25 percent.
More than 52,000 customers have put money down for a place in line for an Elio. Reservations can be for $100, $250, $500 or $1,000 and can be either refundable or non-refundable (details on the reservation program can be found at www.eliomotors.com). Currently, non-refundable reservations receive a 50 percent reservation bonus for when the customer purchases a vehicle to be applied to the final cost of their Elio.
"Our 50 percent reservation bonus has always been intended as a reward for early adopters and is a thank you for their early support," said Paul Elio, founder and CEO of Elio Motors. "The customer response has been phenomenal and we are thankful so many people have shown their support by making a reservation."
To date, more than 85 percent of reservation holders have chosen the non-refundable option.
Any potential customers who want to take advantage of the 50 percent reservation bonus can do so by placing a non-refundable vehicle reservation on or before May 31. In addition, any current reservation holders who want to upgrade their reservation – for example, a $500 non-refundable reservation turned into a $1,000 reservation – also can take advantage of the 50 percent reservation bonus before the end of May.
Elio Motors, which is targeting a launch in 2017, has achieved several milestones so far this year. In addition to crossing the 50,000-reservation threshold, the company's shares began trading on the OTCQX market. In addition, the company has finalized engineering designs for the engine cradle, interior, body panels and chassis for its E-Series testing vehicles. Assembly of the E-Series vehicles will begin later this month.
"There are a lot of hurdles to clear when you build a vehicle from the ground up, but we keep accomplishing goals – both big and small every single day," Elio said. "Our progress the past several months has been remarkable and we look forward to keeping the ball rolling with the upcoming E-Series build and pre-production vehicle launch later this year."
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