The long and circuitous journey Elio Motors has taken to introduce a high-mileage, three-wheel vehicle, has reached another level with the announced completion of its first E-Series test vehicle.
The company, which has touted the $6,800 vehicle for several years and collected deposits from thousands of wannabe buyers, said test vehicle debut is a big step for the launch of the vehicle.
The first E-Series vehicle, according to Elio, continues to development of final vehicle. The test vehicle will be “put through a battery of tests that will help refine and finalize the overall design prior to final production.”
Elio Motors is planning to build 23 E-Series testing and validation vehicles to test for safety, aerodynamics and durability. Once the testing phase is concluded, the company will begin preparations for building 100 pre-production vehicles at its Shreveport, La., manufacturing facility.
The E-Series completion was funded in large part by the crowd-funded stock sale the company completed earlier this year. Elio Motors raised nearly $17 million utilizing Regulation A+, which allows private companies to raise funds from accredited and non-accredited investors alike.
Elio Motors claims it’s the first and only company to conduct a Regulation A+ stock offering and then have its shares publicly traded. The stock began trading on the OTCQX, the top-tier exchange of the OTC Markets Group, on Feb. 24, 2016.
The company said it has received more than 55,000 reservations for the vehicle it claims will achieve 84 mpg. The company has missed several announced debut dates.