Fifth Generation Prototype Moves Elio One Step Closer to Production Goal
Prototype Engine, New Transmission, Improved Aerodynamics Highlight P5 Build
Earlier this week, we announced to the media that we started work on our fifth generation prototype, the P5. It is an exciting time for Elio Motors as the prototype engine developed by IAV along with a transmission from Aisin will be implemented.
The P5 is the first in a series of 26 prototypes, codenamed P5 through P30, which will be developed for a variety of testing and validation purposes. The P5 is being developed using funds raised in a recent 506 (c) offering. The 506 (c) offering is made possible by the JOBS Act of 2012, and allows accredited investors to buy in to Elio Motors.
The 506 (c) offering was one of many successful funding strategies that Elio Motors continues to use. The company has successful partnerships with angel investors and has applied for a loan with the Department of Energy. In addition, the company will announce another innovative funding strategy later this month.
“We are laser focused in our fundraising and vehicle development efforts and the two complement each other,” Paul Elio said. “It is important for us to utilize every funding strategy available to startups and continue to use that money in our journey to production.”
The P5 build is also an outgrowth of the company’s recently completed Supplier Summit in Troy, Mich. The Supplier Summit is one of several revolutionary management techniques used by the company. With Elio Motors, suppliers truly have a voice and they are eager to be heard. This structure of our supplier relationships is a key to unleashing the collective power of the world-class supplier partners on our team.
“Our supplier partner team is truly a roster of blue-chip companies with top engineering and manufacturing talent,” Elio said. “Having a structure to channel that intellectual power is one of our greatest assets.”
That team is already hard at work preparing for the P5 build. Look for this week’s Three-Wheeling blog where specifics on the refinements will be shared.