Paul Elio Coming to Town For Update on Elio Motors
Paul Elio, the founder of Elio Motors, will be coming to Shreveport to give an update on the progress of his company. Elio will be making an address May 11th in downtown Shreveport.
Originally, Elio Motors was supposed to have operations up and running by 2015 at the old GM Plant. The company was supposed to employee at least 1500 people at the plant.
However, due to financial hardships, the launch of the vehicle has been delayed numerous times. Some public officials have gone so far as to say the deal made with Elio is a "clusterf**k". According to reports, the company has burned through millions and is on the verge of collapse. Recently, the company received a 2 and a half million dollar life line from Overstock.com.
It's also rumored that on top of a major investment from Overstock, Elio is also getting into the cryptocurrency business to raise funds. There are also rumors that Overstock and several other companies may be looking to invest more money into the struggling car company.