Elio Motors to Build Fifth Generation Prototype of $6,800, 84 MPG Vehicle P5 Will Include Engine Prototype from IAV, Transmission from Aisin
Prototype build funded by recent 506 (c) investment option
TROY, Mich., June 8, 2015 /PRNewswire/ -- Elio Motors today announced it has begun work on its fifth generation prototype vehicle following a successful supplier summit meeting here last week. The P5 will include Elio Motors' recently unveiled 0.9 liter, 3-cylinder engine prototype and a manual transmission.
Elio Motors is targeting a launch date mid 2016 for a vehicle that will get up to 84 MPG and is expected to retail for $6,800. The P5 is being developed using funds raised in a recent 506 (c) offering. The 506 (c) offering is made possible by the Jobs Act of 2012, and allows accredited investors to buy in to Elio Motors.
The P5 is the first in a series of 26 prototypes, codenamed P5 through P30 that will be developed for a variety of testing and validation purposes.
"The P5 build is another important step in our march toward production and is the culmination of several important strategic initiatives we have completed or launched in the past several months," said Paul Elio, founder and CEO of Elio Motors. "The completion of our engine prototype, our offering to accredited investors and our recent supplier summit are all excellent examples of the progress we continue to make every day."
The supplier summit, a unique supply chain management technique employed by Elio Motors, provides an opportunity for all of the company's suppliers to come together in one room and meet on a regular basis to discuss every aspect of the vehicle's design and manufacturability. The input and collaboration of the supplier team has been a critical element in Elio Motors development.
"We are fortunate to work with some of the most well-respected and notable auto supplier company's in the world," Elio said. "We also have given them a voice in our development that they typically do not have working with traditional manufacturers. As we look to better refine the vehicle design and add to our fuel efficiency, the critical thinking delivered by our supplier team is what has enabled us to get where we are today."
In addition to updated styling that has been driven by aerodynamic improvements, two of the most critical elements being added to the P5 are the engine and the transmission. The enclosed, three-wheeled Elio vehicle requires a unique blend of power and efficiency. The company turned to world-class engine developer IAV to create a new technology from the ground up. Elio Motors is the first start-up auto company in the Unites States in the past 60 years to build its own unique internal combustion engine.
The transmission on the P5 will be a Multi-mode Manual Transmission from Aisin the world's largest transmission manufacturer.
"The engine and transmission are key elements in creating driving characteristics that consumers demand," Elio said. "Fuel economy is obviously important, but we still need speed and acceleration that are comparable to today's passenger vehicles. Both the engine and transmission put us well on this path."
Elio and its manufacturing partner Comau (wholly owned by FCA) will build the vehicle at a world-class manufacturing facility in Shreveport, La., where General Motors previously built the Hummer H3 and Chevy Colorado.
Currently on a nationwide tour, the P4 prototype has developed an enthusiastic grass-roots following. Nearly 43,000 people have made reservations for a place in line when they go to production. When the Elio goes to market, it will create 1,500 jobs at the Shreveport facility. In addition, the Elio will use 90 percent North American content, creating another 1,500 jobs at its supplier partner companies. These manufacturing jobs will in turn create approximately 18,000 indirect jobs across the country.
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. For more information, visit www.eliomotors.com or www.facebook.com/ElioMotors.
SOURCE Elio Motors
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