Engineering team, supplier partners to use E-Series for aerodynamics, safety, durability testing
LIVONIA, Mich., June 30, 2016 /PRNewswire/ — Elio Motors, Inc. (OTCQX: ELIO), the start-up vehicle manufacturer planning to launch a three-wheeled vehicle that will get up to 84 mpg with a targeted base price of $6,800, today announced the completion of its first E-Series testing vehicle, one of the company’s most important milestones in its march toward production.
The first E-Series vehicle, code-named the E1A, was unveiled here today in front of a crowd of more than 200 automotive supplier executives and engineers, each with a key role in the long-term development of Elio Motors. As Elio Motors continues to develop the E-Series vehicles, its supplier and engineering teams will put the vehicles through a battery of tests that will help refine and finalize the overall design prior to final production.
“This is another banner day in Elio Motors’ history, as we continue to achieve important objectives, one after another,” said company founder and CEO Paul Elio. “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.”
Elio Motors is planning to build 23 E-Series testing and validation vehicles to test for safety, aerodynamics and durability. Once the testing phase is concluded, the company will begin preparations for building 100 pre-production vehicles at its Shreveport, La., manufacturing facility.
“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,” said Gino Raffin, Vice President of Manufacturing of Elio Motors. “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 E-Series completion was funded in large part by the crowd-funded stock sale the company completed earlier this year. Elio Motors raised nearly $17 million utilizing Regulation A+, which allows private companies to raise funds from accredited and non-accredited investors alike. Elio Motors is the first, and still the only, company to conduct a Regulation A+ stock offering and then have its shares publicly traded. Elio Motors stock began trading on the OTCQX, the top tier exchange of the OTC Markets Group, on Feb. 24, 2016.
The E-Series assembly is another in a series of important accomplishments for the company in 2016, as it continues to gain momentum. In addition to its successful Regulation A+ fundraising activity, the company has received more than 55,000 reservations.