Elio Motors’ Financial Future Does Not Look Good
Elio Motors latest filing with the SEC shows that the company is in dire straights. According to the financial report, the company has a little more than $120 thousand in the bank and is roughly 376 million dollars away from being able to start production.
In the report, the company says that without a serious cash infusion, they may not survive to the end of the year. Despite their cash problems and laying off 28 employees, Paul Elio is still making $250 thousand a year.
In other Elio news, State Rep. Cedric Glover has made it his mission to get to the bottom of the Elio debacle. Glover hopes to get testimony under oath on how the state and the organization that controlled the closed plant chose Elio and real estate investor Stuart Lichter to take over the old GM Plant.