I look at it differently. Paul made a business plan that needed about $640M to make the business viable. They raised about $120M. It's an underfunded project and thus does what all underfunded projects do, they fail or just go into limbo because the owner is working on a new way for a cash infusion. It could have got funded but there was a lack of interest from the general public when it came to people that actually wanted to buy this product. With that, investors see it and won't invest, because the company would fail within 2 years.
Back in 2008 when Paul started with this project, it seemed like it should be viable. When the reality came in, it wasn't . This is because they were going to have to make a distribution network, service, warranty, plant and high speed large manufacturing to make this whole thing work. Then they found out that they needed to add safety and regular car stuff because of the perception that a 3 wheeler is dangerous and a cheap car means, it's lacking in creature comforts. Paul added all of this down the road but in the end, all of that takes a big investment up front. That's where the budget ballooned.
Did Paul and ESG make money at this. Yes. Is that wrong? No. It happens every day in America and every other country. I feel most people are shortsighted and are ticked off at Elio because they didn't get their prize. They wanted it really bad so they could show it off to their friends and general public. They use it as a way to show how smart they are. As of now, the exact opposite happened. The thing is, the Elio business model was not centered around for SIL# XXXXX to get their vehicle but for the business to grow and be profitable. You have to look long term and for others, not just for your own short term personal bragging device.