Elio Motors pivots to 150-mile Elio-E EV, gasoline model nonetheless not canceled

Final week Elio Motors put a worth on a 150-mile, totally electrical model of its high-efficiency, three-wheeled automotive: $14,900. 

That’s a special format—and worth—than the unique Elio, which nonetheless hasn’t arrived 12 years after its unique announcement and 9 years after its initially anticipated arrival date. Name the corporate a startup solely within the sense that there hasn’t but been a product supply.  


Since its 2009 inception Elio has been slowly engaged on the identical single product—a three-wheeled car powered by a gasoline engine, with the unique plan to promote it for simply $6,800, with a projected 84-mpg EPA-cycle gas economic system. By later this previous decade, it was presupposed to value lower than $8,000 and return greater than 80 mpg. 

Elio Motors 84 mpg 3-wheeler (Picture: Elio Motors)

Elio’s plan to go electrical—one thing founder Paul Elio had repeatedly resisted through the years—was made clear in its 2020 Annual Report filed with the SEC final week, adopted up with a press launch. The corporate now says that it plans to place the gasoline mannequin, known as Elio-G, on maintain in favor of the Elio-E—however that it does nonetheless plan to construct the Elio-G.

The corporate claims that the Elio-E can go 110 mph, versus “over 100 mph” for the Elio-G. Whereas the gasoline mannequin had a projected 672-mile vary from its 8-gallon tank, the electrical mannequin will return 150 miles from a battery pack not but detailed.

Elio Motors 84 mpg 3-wheeler [Image: Elio Motors]

Elio Motors 84 mpg 3-wheeler [Image: Elio Motors]

There are two fashions the Elio would compete towards—each three-wheelers. Aptera, reborn in Southern California final 12 months, is in search of to deliver its “by no means cost” photo voltaic automotive inside the subsequent 12 months, at a $25,900 base worth. After which there’s the ElectraMeccanica Solo, an $18,500 single-seater EV that, after some delays, is because of arrive this 12 months with retail areas in Arizona, California, Oregon, Washington and Colorado.

Elio beforehand boasted that it was the primary startup car producer in 60 years to construct its personal inside combustion engine—a stretch, as the corporate later admitted it was a modified model of the Suzuki 3-cylinder final supplied within the U.S. within the Geo Metro. It deserted that plan and signed on with Roush for engine provide in 2018. 

It seems that the connection with Roush would possibly proceed with the Elio-E. Within the monetary submitting it wrote: “Elio has contacted Roush (considered one of Elio Motors engineering suppliers) and their evaluation was that the present design could possibly be electrified using a good portion of the engineering and improvement (together with roughly $40,000,000) that has already occurred.”

Elio Motors founder Paul Elio at New York Auto Show press conference, Apr 2015

Elio Motors founder Paul Elio at New York Auto Present press convention, Apr 2015

Elio continues to function regardless of a mind-boggling deficit. In 2020 alone it reported a lack of $18.0 million, bringing the corporate’s gathered deficit to $215.8 million. 

The corporate is registered in Delaware, however its headquarters are in Phoenix, Arizona, at what’s clearly acknowledged in monetary filings is “an govt suite leased on a month-to-month foundation.” Elio nonetheless claims that it’ll assemble its automobiles at a former GM plant in Shreveport, Louisiana.

Elio’s timeline for the arrival of its product has seemingly shifted as quickly because the horizon. It had initially been introduced that manufacturing was deliberate for Shreveport round 2014. A first test-worthy prototype was inbuilt 2016. By 2017, when the automotive nonetheless hadn’t arrived, he was promising 2019 on the earliest. Within the firm’s 2019 monetary submitting, Elio acknowledged that it didn’t count on to start out delivering automobiles to clients till 2023. 

Elio Motors 84 mpg 3-wheeler [Image: Elio Motors]

Elio Motors 84 mpg 3-wheeler [Image: Elio Motors]

The corporate has made many guarantees through the years and usually talking, has did not ship on most of them. Elio beforehand promised that it might make use of 1,500 American staff by 2015—one thing Elio once more reiterated in 2019, with a pledge of 90 % North American content material. 

Elio is a cautionary story amongst automotive startups, even earlier than bringing right now’s lengthy queue of electric-vehicle startup SPACs into the dialog. It claimed to be the primary fairness crowdfunded firm to publicly record its shares, and within the early days of buying and selling in 2016 it blipped previous a $1 billion valuation—sinking to a really small fraction of that in recent times. 

In 2017, the Louisiana Motor Automobile Fee discovered Elio to be working as each a producer and a supplier with no license. The fee additionally ordered Elio to put refundable reservations right into a separate account—one thing the corporate won’t have been doing till then. 

Elio Motors 84 mpg 3-wheeler [Image: Elio Motors]

Elio Motors 84 mpg 3-wheeler [Image: Elio Motors]

Then in 2018, after that and continued delays, Elio bought about $2.5 million of the corporate’s inventory to Overstock.com, to assist repay the corporate’s mounting debt, and revealed a cryptocurrency known as ElioCoin that it stated would assist deliver the automotive to market. 

Elio stopped sending out common weekly e-mail updates in November 2019, and previous to the Elio-E announcement it took down its earlier weblog and updates. Now it’s added a web page about fleets that positions the Elio-E as an answer for the service and small supply business—a market that Arcimoto has gained some traction with. That web page appears to recommend relationships with Grubhub, DoorDash, Geek Squad, Amazon, and others.

It’s noteworthy that Elio isn’t giving a projected arrival date for the EV. Will Elio ship this time? This decade? Depart your feedback beneath.

Source link



Please enter your comment!
Please enter your name here