If Elio Motors fails, Canadian EV start-up will honor deposits

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As Elio Motors continues its fledgling future, another start-up is seeking the opportunity to capitalize — if the long-promised but undelivered three-wheel fails.

The three-wheel Solo is an electric vehicle manufactured by Electra Mecannica in Vancouver, B.C.
The three-wheel Solo is an electric vehicle manufactured by Electra Mecannica in Vancouver, B.C.

Elio Motors’ website lists more than 62,000 reservations for the futuristic-looking 3-cylinder vehicle its founder Paul Elio claims will get as much as 84 mpg.

But a recent report on the website Gas 2.0 details Elio Motors loss of more than $123 million in its filing with the Security Exchange Commission (SEC). In the filing, Elio further reports its future is in jeopardy without additional fundings.

In reaction to the most recent post on TheWeeklyDriver.com (we’ve written more than a dozen articles on Elio Motors), A Canadian EV start-up, Electra Meccanica Vehicles Corp., sent us a comment:

It read:

“With the recent financial and production challenges faced by some of our competitors, we’ve had some of their reservation holders ask us if they could transfer their deposits over to a SOLO because of either uncertainty about their vehicle ever being produced or they just didn’t want to wait for years to get their car. We wanted let others know that we will accept those deposits and provide relief for reservation holders with a suitable vehicle replacement option.”

Interested individuals can get more information at http://smallEV.com.

Established in 2015 in Vancouver, British Columbia, Electra Mecccania is in the electric three-wheel vehicle market. Its zero-emission, one-seater is reported to have 100-mile travel range and 3-to-6 hour recharge range. It’s called the Solo, and its manufacturer claims it will available to the pubic in 2017 in Vancouver as well as in California and Nevada.

ElectraMeccanica promotes its vehicle as “The Smartest Commuter Car on The Planet.”

The Canadian EV start-up was co-founded in by Henry Reisner of Intermeccanica and Jerry Kroll, former race-car champion and former CEO of CRAiLAR Technologies. Kroll previously developed electric drive systems in race cars for five years at the NASA Research Park in Mountain View, California.

Since its debut in 2009, Elio Motors has had many supporters and many detractors. The first announced public debut of the vehicle was 2014. Several other deadlines have also expired without the debut of the vehicle. A promise of 1,500 employees in a manufacturing plant in Louisiana has also not occurred.

Several other release dates have been missed. The originally announced price of the car has also been increased $500 to $7,300.

To date, the Solo has received about 400 reservations. It’s announced price is $15,500.

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