The future of Elio Motors and its founder’s vision for a gas-thrifty, inexpensive three-wheel vehicle has taken another detour. And this time, even a diehard believer in the product is uncertain of its future
According to KSLA, a television station in Shreveport, La., where the pending car’s manufacturing plant is located, Paul Elio says the company is $240 million short of the funding necessary to begin production.
Elio believes the company can now begin production in the first half of 2016. But he could not predict a date.
The television station has an interview with Eddie Chavez, a retired General Motors employee who spoke with Elio and then expressed his combined disappointed and remaining hope with the television station.
The announcement is disappointing for Eddie Chavez, but he says he’s still in support of the start up company.
Elio said the his company is also still hoping further government funding.
The company had previously announced it was going to create 1,500 jobs by the end of 2014, but it didn’t. Elio was granted a six-month extension with Racer’s Trust, the agreement originator.
Nearly 40,000 potential buyers have already made deposits to purchased the Elio, according the the company’s website.
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