PHOENIX, April 28, 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 completed its fourth and final stage of engineering for its E-Series vehicles with the completion of its chassis design. The vehicles will be used to complete real-world vehicle validation and ride dynamics testing and calibration, as well as safety validations, in advance of commercial production.
"This achievement, which is the final step in our engineering process for the E-Series of vehicles, further validates the flexibility and agility of our Elio Motors-supplier product development process," said Paul Elio, founder and CEO of Elio Motors. "Roush, which joined the team in January, has done a tremendous job on the design of the chassis and suspension, as well as managing the overall engineering process working at what seems like lightning speed."
Jeff Johnston, vice president of Engineering for Elio Motors, said the work that's been done on the E-series design to this point by the Chassis Product Development Team, including the geometry development, noise, vibration and harshness refinements and finite element analysis, has been prolific and has prepared it for some real-world testing.
"Once our E-Series vehicles emerge from the pilot build, the Chassis team will conduct ride and handling development tuning to refine the vehicle's driving characteristics prior to commercial production," Johnston said. "When this real-world and destructive testing is complete, the team will be charged with continual chassis and suspension development for model-year updates."
Johnston said the Elio has an independent suspension consisting of unequal upper and lower control arms, incorporating a coil-over shock absorber design in the spirit of some of the world's leading performance vehicles. This provides a low profile for better aerodynamics and lower weight than MacPherson struts, one of the most common suspension types for light vehicles. The rear suspension utilizes a swing arm, also with a coil-over shock system.
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