Elio Announces More Delays, Says Cars May Have Defect
Elio Motors says there will be more delays before they can start producing and delivering cars to customers. In the latest filling with the SEC, the start up car company says that it will be 2019 before they can deliver cars to customers and that there may be a design flaw that will have to be repaired after delivery of the vehicle.
"Our production vehicles may contain defects in design and manufacture that may cause them not to perform as expected or that may require repair," the company says in its latest SEC filing. They claim that while extensive research has been done, they don't know what is going to happen once the cars get put into real, every day driving situations.
The company is also raising the price of their vehicles from $6,800 to $7,450.
The company also states that they plan to go public and list its shares on the stock market in an attempt to raise over 100 million dollars for production .