Hoboken…No Jokin’, We’ve got 50,000 Reasons to Celebrate
Ever been there? It’s kind of a nice place, actually. It’s a short subway ride over from Manhattan and sits in the shadow of the Big Apple. Some nice old homes and apartment buildings, great restaurants and bars…a nice place to hang out on a sunny Sunday.
Hoboken is considered the birthplace of baseball, it was home to Frank Sinatra, and is the home of Carlo’s Bakery from The Learning Channel’s popular reality show “Cake Boss.”
Why do we bring up Hoboken, New Jersey? Well, according to the 2010 United States Census, Hoboken is home to 50,005 residents. That’s a pretty good size town.
Now, imagine you step out of the subway tunnel, flip down your Ray Bans, and take a look around…and all you see are Elios. Elios parked in front of Carlo’s Bakery…Elios winding through traffic on the way to the Frank Sinatra Museum. Elios in every driveway and every garage.
What’s the connection, you ask? Elio Motors is about to cross the 50,000 reservation mark. That’s right. The equivalent of just about every resident in Hoboken will have made a reservation for a place in line to purchase an Elio. Ever seen the line snaking outside of Carlo’s? There’s a lot of people in Hoboken!
And, 50,000 represents a lot of future Elio owners.
But, it really doesn’t surprise us. Paul Elio’s vision for a low-cost, high-mileage commuter vehicle has struck a chord. People are drawn to our value proposition…after all, who doesn’t want to pay less for their transportation? Of course, our eye-catching, aerodynamic design doesn’t hurt either!
Everywhere we go, throngs of people want to look, touch, and sit in the P5. Enthusiasm at our events is palpable and we know 50,000 is just scratching the surface. But, it IS a great number.
Reservations, Financing, E-Series Highlight Early 2016
Reservations aren’t the only good news. So far, 2016 is off to a fast start. In addition to reaching the 50,000-reservation mark, Elio Motors recently closed its Regulation A+ stock offering, raising over $17 million. As we’ve shared, financing is our biggest challenge and the money we raised is a nice boost to our effort to get to production.
Those funds are currently being put to use in building the E-Series, which will help us with finalizing our engineering in such areas as durability, aerodynamics, and safety. We’re excited to build these vehicles and, oddly enough, just as excited to tear them apart. It’s a huge step in our development and a big part of our mission to get to production.
We know we’ve still got work to do. We know you want us to get to production. We want that, too, more than you can imagine. But for now, we’re going to take a deep breath and celebrate. Fifty-thousand reservations, over $17 million, and the build of our E-Series are big milestones.
We hope you see it as a reason to celebrate, too. And, if you happen to be in Hoboken, head over to Carlo’s, grab a slice of cake, and celebrate with us!