PHOENIX, June 7, 2016 /PRNewswire/ -- Elio Motors, Inc. (OTCQX: ELIO), the start-up 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 Hari Iyer, Chief Operating Officer, will take the role of CEO with YoYo (http://joinyoyo.com), a pay-per-mile, on-demand car subscription service he helped found.
Iyer will remain on Elio Motors' Board of Directors and will remain a strategic advisor to founder and CEO Paul Elio, for the company's Advanced Technology Vehicle Manufacturing (ATVM) loan program application. His day-to-day role with Elio Motors ended May 31.
"Hari Iyer has been an important part of the vision and execution in the early stages of Elio Motors, and history will show that he helped change transportation in the United States," Elio said. "He has provided leadership and automotive expertise and has put together a team of industry rock stars that will help us complete this quest. We wish Hari and YoYo continued success in the future."
Iyer worked with Paul Elio as a partner and co-founder at ESG Engineering in Phoenix. He was instrumental in the initial Elio vehicle design, and he has helped the company in its strategic operations and engineering.
"The opportunity to help create Elio Motors from the beginning has been a true honor. I am proud of our team's accomplishments and the progress we've made to date and will look on with pride when I see an Elio on the road," Iyer said. "I truly believe that Paul's vision of mobility for the masses will change the world. My work at YoYo is continuing our shared mission to usher in a new era of affordable access to cars."
YoYo's on-demand car subscription model with concierge service is expected to be a much less-expensive and hassle-free alternative to traditional car ownership. Members can order any vehicle from their YoYo app at any time with concierge delivery to their location. Once finished with that vehicle, members can either request a YoYo agent pick it up or swap for another vehicle as their needs change.
According to consulting firm McKinsey, ride sharing and vehicle subscription services could add another $1.5 trillion to the auto industry by 2030. In addition, McKinsey predicts that 1 in 10 vehicles sold in 2030 will potentially be a shared vehicle.
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.
SOURCE Elio Motors