Elio Motors is one of the first companies nationwide to use Regulation A+ to “test the waters” and gauge investor interest in backing their company. Launched on StartEngine, Elio Motors has designed a 3 wheel, enclosed “AutoCycle” but, according to Elio, regulations that apply to AutoCycles differ across the country. Today 26 states have laws that define how to classify and regulate AutoCycles. A federal bill that becomes law should make it easier for the company to operate – and potentially sell their vehicles.
Elio Motors CEO Paul Elio welcomed the two introduced bills. One in the Senate and the other in the House. The House bill (HR 2892) was entered by Representative John Moolenaar of Michigan. Similar legislation (S685) was introduced in the Senate earlier this year by Senator David Vitter of Louisiana. Elio is planning on manufacturing in a defunct General Motors facility in Shreveport, Louisiana.
Elio said his company is “forging new territory”.
“We applaud Rep. Moolenaar for recognizing this vehicle needs a new approach to safety and fuel economy legislation. We intend to build this vehicle to meet stringent safety standards. However, because anything with three wheels is classified as a motorcycle, some current regulations just don’t make sense. We need to be classified as an autocycle to meet the expectations of our customers,”Elio said.
Muleteer described the legislation as keeping pace with American ingenuity and innovation. He said outdated regulations were blocking an emerging industry.
The Elio AutoCycle is expected to sell for $6800 and plans to go into production in 2016. The covered trike is said to get up to 84 MPG. Over 43,000 potential customers have reserved a spot to purchase some of the first AutoCycles, according to Elio.
Paul Elio has scheduled a Reddit AMA for later today.
— Elio Motors (@ElioMotors) July 2, 2015
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