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Autoblog – Elio reaches $25M crowdfunding target

Elio reaches $25M crowdfunding target

Well, that didn’t take long. After a month of asking for individual investors to pony up some money through the crowdfunding site StartEngine, Elio Motors announced today that it has reached the $25 million level. Now, that doesn’t mean that Elio just got a check for $25 million. Instead, StartEngine says that the amount (actually, $25,161,050) is made up of “non-binding indications of interest” from 6,665 people (as of this writing). Each of those 6,665 investors has put an average of $3,775 into Elio. In a statement, Elio Motors CEO Paul Elio said that the $25 million is, “just the beginning as we race toward our 2016 goal of mass production.”

The last month wasn’t purely positive for Elio. Once the campaign started to get some attention, “suspect” investors started to join the party. They were eventually investigated and some were kicked out of the group of investors. With the company’s crowdfunding target now met, focus now needs to shift to getting the 84-miles-per-gallon, $6,800 trike out of the auto shows and that upcoming factory in Shreveport, LA and onto the road.

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