Elio Motors, Inc. (OTCQX: ELIO) recently announced it selected Bosch, a global supplier of technology and services, for key safety and powertrain components of its highly anticipated three-wheeled vehicles.
As previously reported, Elio secured approximately $17 million on StartEngine. Its 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. The company 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. Since the StartEngine campaign concluded, the company has been working on the vehicles.
Elios revealed that Bosch would provide several mission critical safety components including the airbag control module, and front and peripheral airbag sensors. Also, Bosch will supply several sensors for the Elio’s powertrain. Elio Motors founder and CEO Paul Elio, stated:
“Having Bosch’s wealth of vehicle safety knowledge and engineering expertise is a significant win for our company and ultimately for our future customers. Vehicle safety has been and always will be our top priority. We are assembling an extraordinary group of suppliers and Bosch is an excellent addition.”
The Elio is engineered to the highest safety standards. Each of the vehicles come equipped with the Elio Safety Management System that includes three airbags, a unibody frame, Anti-Lock Braking System, and traction and stability control. Earlier this year, Elio locked the price of $7,300 for the base model of its highly anticipated three-wheel vehicle. Tony Szczotka, regional business unit leader at Bosch for Two-Wheeler and Powersports in North America, added:
“Elio Motors’ commitment to vehicle and passenger safety aligns with our core values at Bosch. We look forward to providing technologies from Bosch that enhance driver safety and comfort.”
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