On Friday, Elio Motors, Inc. (OTCQX: ELIO) announced on Friday that it had locked the price of $7,300 for the base model of its highly anticipated three-wheel vehicle.
While sharing details about the new price, founder and CEO, Paul Elio, revealed Elio Motors was inspired by Volkswagen’s first of its Beetle vehicle pricing, which was $1,699:
“Volkswagen entered the market in 1968 with an extraordinary vehicle at an incredible price and shook up the industry. We are on the path to launching an extraordinary vehicle, as well, but are setting an even more aggressive and affordable price, and doing so in a way that will create American jobs, reduce our dependence on foreign oil, be better for the environment and strengthen American manufacturing.”
Elio Motors also revealed it has applied for a $185 million Advanced Technology Vehicles Manufacturing (ATVM) loan from the Department of Energy (DOE). It is now seeking the necessary binding purchase commitments that are needed to meet the recent change loan criteria, which was revised in June 2016. Elio explained:
“We applaud the DOE’s recent ATVM guidelines, as it raises the bar for companies like Elio Motors. Anything that makes us work harder to strengthen our company is ultimately going to be good for our future customers, our team members, our shareholders and the communities where we build, sell and service the Elio.”
He then noted:
“We have always taken extraordinary positive measures to do whatever it takes to move our company forward, utilizing policies such as Regulation A+, or loan programs such as the ATVM. Both of these tools have been put in place through government and private sector collaboration. The legislators who have put these programs in motion are creating an atmosphere where innovative companies can flourish and move our economy forward.”
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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