Elio Motors Production Pushed Back To 2018
Elio Motors has had a wild ride in Shreveport. The revolutionary auto maker made a splash with the $17 million in crowdfunding to kick off the concept. The plan was simple: build an inexpensive, ultra-fuel-efficient vehicle. The market certainly has room for it, with 50,000 people plunking down non-refundable deposits for Shreveport built, 3-wheeled vehicles that would make you look like you were living in the future.
According to KTBS - that future may be more "Mad Max" than it is "The Jetsons."
As of September 30th, 2016, Elio Motors has only $101,317 dollars in cash reserves, down from 6.87 million at the beginning of last year. And while Elio has collected 25.9 million in non-refundable customer deposits, that money is now being used to quote "fund operations". Elio reports an almost 124 million dollar accumulated deficit.
The money problems mean even more delays. At this point, new Elio's won't roll off of the production line until 2018 if it happens at all.