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.

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  • 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.

  • LWOAP

    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

      Conman!

  • 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.