Elio Motors, Inc. (OTCQX: ELIO) announced on Thursday it completed its first E-Series test model. The first E-Series vehicle, code-named the E1A, was unveiled in front of more than 200 automotive supplier executives and engineers who reportedly have key roles in the long-term development the company’s vehicles.
Elio’s founder and CEO, Paul Elio, shared:
“This is another banner day in Elio Motors’ history, as we continue to achieve important objectives, one after another. The completion of the first E-Series vehicle signals the launch of another critical phase in our journey. The real-world performance data that we gather through the E-Series testing will allow our team to make final adjustments prior to tooling up for production. This is a giant step forward for the company and our Elio reservation holders as we continue to progress.”
Gino Raffin, vice president of manufacturing of Elio Motors, also commented:
Elio Motors is on a march toward production and the testing and engineering phase enabled by the E-Series assembly is crucial to our long-term success. It will give our world-class supplier teams the opportunity to make final adjustments that will get our design closer to the manufacturing stage and to our targeted “must have” goals. As a veteran manufacturing exec, these are the days that still get the blood pumping.”
The company reported it plans to build a total of 23 E-Series testing and validation vehicles to test for safety, aerodynamics and durability. Following the testing phase, Elio will begin to build 100 pre-production vehicles at its Shreveport manufacturing facility.
Elio previously raised approximately $17 million on equity crowdfunding platform StartEngine. The mini-IPO type offer was available to anyone -not just accredited investors. The securities also became immediately transferable under the Reg A+ rules. Shareholders purchased shares at $12/share. Elio worked diligently to list their shares on the OTCQX, the market reserved for the highest qualify companies listing on the OTC platform. The E-Series completion was notably funded in large part by the crowd-funded stock sale the company completed earlier this year
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