Hopeful buyers of the fledgling three-wheel vehicle made by Elio Motors will have to wait at least another year. For the third straight year, the company that seeks to revolutionize the automotive industry has delayed its vehicle’s debut.
The company founded by Paul Elio recently announced new relationships with new
suppliers in a press release. It also touted another prototype on display at the North American International Auto Show in Detroit.
In the same time frame, however, the company also posted its latest delay on its Facebook page.
Several media outlets, including The Weekly Driver, recently reported the automaker has about $100,000 in the bank and debt of more than $123 million, according to a Security Exchange Commission document.
Elio said the $123 million is not debt but accumulated deficit.
Here’s his full statement:
“Some media outlets recently misreported information from Elio Motors’ September 30, 2016, financial statements filed with the SEC in November 2016. Instead of having over $123 million in debt, Elio Motors had over $123 million in accumulated deficit. Accumulated deficit refers to a company’s accumulated historical losses. It is not the same as debt.
At September 30, 2016, Elio Motors had a debt of approximately $38.8 million. A significant portion of Elio’s accumulated deficit represents the amounts incurred for engineering, research and development work. These amounts are expensed as incurred and contribute to Elio’s operating losses, which in turn are reflected in the accumulated deficit.”
The vehicle was initially promoted with a pending price of $6,800 and capable of a top speed of 100 mph as well 84 mpg. The vehicle’s base price is now listed at $7,300.
Elio also promised 1,500 jobs in a former General Motors manufacturing plant in Shreveport, Louisiana. The jobs have not materialized.
The former mayor of Shreveport, Cedric Glover, told a local television station: “Those who have purchased a reservation for a car, just need to realize it is money lost.”
Elio’s website currently lists 63,847 reservations.