The future of the much-discussed Elio Motors three-wheeler has been further delayed — likely for more than a year — according to several website reports.
The Dubai-based news portal, AirHerald.com report funding issues have stalled the pending start of manufacturer’s production site in Shreveport, Louisiana. The dilemma may push back the public debut of the vehicle to at least September, 2015.
Officials at Elio Motors had hoped production of the $6,800 car would be last March. In addition to funding issues, uncertainly from regulators how three-wheel vehicles should be classified have further complicated the much-anticipated car.
According to AirHerald.com, Elio Motors has plans to hire 800 workers in June 2015.
Elio Motors reportedly has raised more than $55 million, less than one-third of the company’s announced necessary budget.
When first announced, the Elio was projected to be available in late 2012.
The anticipation of a $7.5 million investment by industrial developer Stuart Lichter, who has been hired to oversee the vehicle’s developed, in also in limbo.
Elio Motors’ official website reports more than 20,000 prospective buyers have placed deposits from $100 to $1,500 for the vehicle with a projected 84 mpg in freeway driving.
Article Last Updated: June 13, 2014.
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