Elio Motors Springs Forward with 100 Pre-Production Vehicles
It’s a message that was tough to miss last week. Television, radio, social media – there seemed to be constant reminders everywhere to move our clocks an hour forward for Daylight Savings Time.
But in Elio Motors’ home state of Arizona, there is no Daylight Savings Time. Without clocks to change, the Elio Motors team had to find our own unique way to “Spring Forward.”
And, we did it in a big way.
Last Friday, Elio Motors made one of the most significant announcements in its history. We will sell 100 pre-production vehicles to one or more fleet customers fourth quarter of 2016. In addition, the vehicles will be assembled in our Shreveport facility. Putting these vehicles on the road with real people behind the wheel will allow us to accomplish some important goals. It will allow us to evaluate our design under real-world driving conditions and it will allow our engineering team to refine our design, making the end product even better for our customers.
These positive outcomes are progressive steps forward that bring us closer to production.
In our original Securities and Exchange Commission (SEC) filing, we said we’d use these 100 vehicles for internal purposes. When we realized how much we could accomplish by putting them in the hands of fleet customers and evaluating them in real-world conditions, however, this new approach made sense.
The pre-production vehicles will allow Roush, which was named lead engineering partner last week, to provide a quieter, smoother vehicle with refined driving characteristics. Ultimately, this makes for a better vehicle and will raise customer satisfaction with the final production vehicle.
In addition to moving forward with fleet sales, we also are pursuing several financial strategies to get us to the finish line. In fact, Paul Elio attended the 28thAnnual ROTH Conference, put on by ROTH Capital Partners last week. He met with and presented to several potential investors. Although it’s too soon to tell what progress was made, we know there is an appetite to invest in the company. The successful Regulation A+ stock offering, combined with our launch of shares on the OTCQX market was another important milestone – or spring forward, if you will – for the company.
When we take a peek over our shoulder to see how far we’ve come, the progress so far in 2016 has been remarkable. Our financial position has improved, we are building engineering prototypes, and we plan to fire up our factory for the first time later this year.
There is still a lot of work to be done, but we are gaining velocity every day and are excited for what the rest of 2016 will bring. As an Elio Motors fan, you are part of the very fabric of our company. We are literally changing the world and we hope you will continue to spread our message to your friends, family, co-workers, neighbors, and anyone else you think would love an Elio. Thanks again for your support!