Elio Turning To Cryptocurrency To Raise Funds For Three-Wheeler

Troubled startup Elio Motors is still struggling to acquire the funds needed to build its low-cost three-wheeler, an Automotive News report has revealed.

Elio initially intended on commencing production of the three-wheeler in 2015 but that date has come and gone. Since then, the company has continually pushed back its targeted launch day while slowly increasing the price of its first model.

Despite raising well in excess of $100 million since its formation, Elio confirmed last year that it needed an additional $376 million to commence production.

As investor interest in the company deteriorates, Elio has started to accept capital in the form of Bitcoin. What’s more, it plans on launching its very own security token offering dubbed ElioCoin. You can’t make this stuff up…

The car business is a costly one

The company claims that it will start production exactly 76 weeks after the security token offering is complete. However, no date for this offering has been given, leaving investors with no firm idea of when, if ever, the promised three-wheeler will ever be built. Elio intends on building the model
at GM’s former plant in Shreveport, Louisiana.

According to Louisiana Economic Development secretary, Don Pierson, Elio is a “speculative project” and had its application for funds from the U.S. Department of Energy rejected.

“Elio has struggled for years after hoping for the award of a federal Department of Energy Advanced Technology Vehicles Manufacturing loan.

“They have tried many other ways to raise capital — including an IPO and buyer deposits — and have yet to aggregate the funds needed to launch this expensive endeavor,” Pierson said.

more photos...
  • Jason Miller

    And people give Tesla crap for production dates. This company takes the cake…

    • LWOAP

      Yeah, true but Tesla hasn’t scammed anyone with deposits and they actually make cars. Elio hasn’t done shit.

    • Dr Strangefingger

      Wow, how crappy must Tesla be when people start comparing it to Elio.


    Why is Elio still around? They’re done. Pack it up and leave already.

    • I still wonder that myself, didn’t US has a strict law for scam.

  • kachuks

    Conman or too delusional to understand his dream will never come true?

    • Auf Wiedersehen

      Well, that and the car looks like ass.

    • kenny_ray_58


  • Status

    I can’t fault the guy for being passionate about his dream, but the writing is on the wall and this thing is late to a party that ended years ago.

  • Auf Wiedersehen

    OMG…this thing is STILL alive??

  • Dr Strangefingger

    Don’t you mean ‘spoon’?

  • Maricaibo

    Tied with Moeller for, “Yeah, that will be ready Tuesday…”

  • blunt-o

    It was a promising idea 10 years ago?

    • kenny_ray_58

      There numbers didn’t add dip then either!

  • robotlogic

    Elio is just a bunch of scammers. They seem to have zero intention of ever building a product. It has 3-wheels so it gets classified as a motorcycle and as so bypasses almost every federal regulation that makes building cars expensive.

  • Six_Tymes

    “Cryptocurrency” the preferred method of drug money laundering and money transfers for murderers, better known as “terrorists”

  • fabri99

    So we’re definitely never gonna see the Elio, huh?

  • kenny_ray_58

    Elio always has been a scam. If folks actually took time to read through Elio’s own numbers they’d see they just don’t add up. From sale price, number of units needed to produce, development costs etc. EVERYTHING is bogus. I called this out years ago and was bashed for being a non-believer! People are gullible, what can I say! There was no way these guys were ever going to make a car for less than the Japanese can make a midsized motorcycle!! Someone should be arrested!

  • With all the news in the past decade, how can anyone invest in Elio let alone put a deposit on them.

Rolls-Royce Says Production Could Be Crippled By Brexit Issues

Rolls-Royce remain wary about Brexit and its impacts.

Post Malone Shows Off His 602 HP Hennessey VelociRaptor 6×6

Among the host of custom options, Hennessey has also fitter a custom mount for… a .50-caliber machine gun!.

641 HP VW Golf R Owns The Drag Strip, Humiliates Tuned Muscle Cars

This heavily tuned hot hatch is fast enough to teach a 900+ hp Hellcat an nice lesson .

2019 Detroit Auto Show A-Z Guide To All The Car Debuts (Day 2)

A list of all the production and concept cars at the 2019 Detroit Auto Show.

New Mercedes-Benz A-Class Sedan Starts At $32,500, Only $600 Less Than CLA

We’d definitely take the new Mercedes A-Class Sedan over an A3.

That $121,000 Toyota Supra Is Back Up For Sale…For Half A Million Dollars!

Less than a month has passed, but the dealer wants an additional $379,000.

QX30 Has A Date With Death, But An “All-Infiniti” Replacement Is In The Works

Despite being largely identical to the Mercedes GLA, the Infiniti QX30 was outsold 3:1.

Top Gear Teases Final Season With Matt LeBlanc

The 26th series with be the last with Matt LeBlanc and Rory Reid.

Infiniti QX Inspiration Concept Broke Down In Detroit, Got Covered By The Tarp Of Shame

The break down left Infinit’s design boss in an awkward position on stage.

New 4-Series M Sport Individual Headlines BMW’s 2019 Spring Updates

BMW’s latest special edition features an assortment of goodies from BMW M and BMW Individual.