Elio Motors Delays 3-Wheeler Launch Again
Cash-strapped Elio Motors Inc.is pushing back the planned launch of its tiny three-wheel vehicle from late this year until sometime in 2018, the company says in a Facebook post.
Cash-strapped Elio Motors Inc. is pushing back the planned launch of its tiny three-wheel vehicle from late this year until sometime in 2018, the company says in a Facebook post.
Formed in 2009, Elio Motors originally hoped to launch the three-wheeler in 2014. But the company has struggled to get the project off the ground as it continues to burn through cash.
According to its latest U.S. Security Exchange Commission filing, Elio had $123 million of accumulated debt with just over $100,000 of cash on hand at the end of September. The company had a net loss through the first nine months of 2016 of $35 million, up from $14 million a year earlier, and cautioned that it may have to shut down entirely if it couldn’t raise more capital.
The company introduced its latest E1c engineering vehicle at the Los Angeles auto show last November. Elio has taken 64,000 reservations for the $7,300 vehicle, which is expected to deliver 84 mpg.
The little car that could still can. And this time as a car that not only gets great fuel economy, but which has ride and handling that makes it more than an econo-box (and its styling is anything but boxy).
Delegates to the United Auto Workers union’s annual convention in Detroit have overwhelmingly approved a 31% raise for their salaried international leaders.
When Suzuki developed the GSX1300R, it set out to build the fastest mass-production motorcycle on the market. As competitors gained ground and stringent emission regulations were set, Suzuki set out to reinvent the bike.