It's Official . Paul Has Let Me Down

[RSchneider]

So, you plan on having 65k+ hundred of thousand more people drive back and forth on your one route. Happy trails.

Just Paul. He will be doing that every few days.

 

[Travelbuzz1]

Who even needs a car? We got by with just our feet for hundreds of thousands of years. If you NEED to go faster, horses seem like an environmentally friendly alternative?

The Elio would have been my first vehicle in 25.5 years if they would have kept to the projected plan for 2015. I did not miss having a vehicle in the 73 countries that I traveled, worked and lived in for over 23 years out of the US on six continents. But one sure has come in handy since May 28th 2017 touring North America and I am writing this from Baja South California Mexico in 80 degree weather. Have a nice day.

 

[RSchneider]

I just read this article that came across my news feed. Yet someone that doesn't know how to read or take the refundable option. Paul says that production possibly for late 2019. So don't give up, it's 20-23 months from now to possibly happening.
https://www.abc15.com/news/let-joe-know/elio-motors-buyer-wants-money-back

 

[Made in USA]

Some people don't understand the difference between a promise and a goal. Paul has kept all his promises but has failed to meet his goals. He has not let me down, just disappointing me a little. He indicated that 2018 will be a big year. Lets hope he's right. Even though I sold the stock I had bought earlier (for a small profit) I have recently been considering buying some again. (Waiting for the price to drop some more first). I still think he will pull it off and Elio's will be made.

 

[Rickb]

Some people don't understand the difference between a promise and a goal. Paul has kept all his promises but has failed to meet his goals. He has not let me down, just disappointing me a little. He indicated that 2018 will be a big year. Lets hope he's right. Even though I sold the stock I had bought earlier (for a small profit) I have recently been considering buying some again. (Waiting for the price to drop some more first). I still think he will pull it off and Elio's will be made.

Promises kept? What about Paul’s Reg A+ promise, “We need $12 Million to complete and test the 25 Es, a process that will take 3-6 months to complete.” The Reg A+ Successfully generated $16 Million based on Paul’s single most important production milestone promise. It would have provided a driveable validated prototype that would have jump started my interest and more importantly the VC interest and additional funding needed to close in on production. Paul let me down as did Chip Stempeck when he told me the process was moving at a rapid pace and I will be test driving an Elio soon. That was back in 2010, 2-3 years after the kick off Stempeck’s Say Hello to Elio Marketing Campaign.

 

[RSchneider]

I suggest everyone read what a "forward looking statement" is. In reference to the "promise of 25 cars because of the IPO, Elio has this on the bottom of every press release:

"Forward-Looking Statements

Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing and performance goals, and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in the Company’s periodic reports filed with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements are made and based on information available to the Company on the date of this press release. Elio Motors assumes no obligation to update the information in this press release."

Here's what you need to know every time Elio cranks out a press release on the company and it's progress:

"In United States business law, a forward-looking statement or safe harbor statement is a statement that cannot sustain itself as merely a historical fact. A forward-looking statement predicts, projects, or uses future events as expectations or possibilities. These statements can often be misleading, as they can be mistaken for factual statements, while they are actually speculation."

Elio publishes speculation, not promises or facts and it's perfectly legal. Once you are comfortable with that, then Elio will not have let you down one bit.
https://en.wikipedia.org/wiki/Forward-looking_statement

 

[Rickb]

I suggest everyone read what a "forward looking statement" is. In reference to the "promise of 25 cars because of the IPO, Elio has this on the bottom of every press release:

"Forward-Looking Statements

Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing and performance goals, and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in the Company’s periodic reports filed with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements are made and based on information available to the Company on the date of this press release. Elio Motors assumes no obligation to update the information in this press release."

Here's what you need to know every time Elio cranks out a press release on the company and it's progress:

"In United States business law, a forward-looking statement or safe harbor statement is a statement that cannot sustain itself as merely a historical fact. A forward-looking statement predicts, projects, or uses future events as expectations or possibilities. These statements can often be misleading, as they can be mistaken for factual statements, while they are actually speculation."

Elio publishes speculation, not promises or facts and it's perfectly legal. Once you are comfortable with that, then Elio will not have let you down one bit.
https://en.wikipedia.org/wiki/Forward-looking_statement

Sorry, the successful Reg A+ funding round needed to build and test the 25 Es is far from a forward-looking statement. Send me $12 Million to build and test 25 vehicles and I can do it in 3-6 months. Investors sent him $16 Million.

Forward-looking is only applicable had Paul not received the funding........oooops our plan was to complete and test the 25 Es in 3-6 months, but we failed to get the necessary funding to do it. Sorry to say, Paul let me down.

 

[Samalross]

The SEC reports about the Reg A+ funding is going to come back and bite him. That is why they did not release third quarter report. They can imply that a Nasdaq listing is still a possibility, even when they can not qualify because they did not release a 3Q report. Deceptive is a kind word for this.

 

[RSchneider]

Sorry the SEC filing for the Reg A+ funding round needed to build and test the 25 Es is far from a forward-looking statement. Send me $12 Million to build and test 25 vehicles and I can do it in 3-6 months. Investors sent him $16 Million.

Forward-looking is only applicable had Paul not received the funding........oooops our plan was to complete and test the 25 Es in 3-6 months, but we failed to get the necessary funding to do it. Sorry to say, Paul let me down.

I found it and you are right. The only thing is, he never said as to when he was going to build them and only planned on using Technosports. So, if Elio built them 5 years from now, then they lived up to what they said they were going to do. Here's what they listed:

"We plan to use Technosports Creative, a Livonia, Michigan-based prototype maker, to build 25 Elio prototypes and certain other manufactured parts used in the engineering and safety testing process. Technosports will build prototypes using a combination of fabricated and soft-tooled and off-the-shelf components provided by the Elio suppliers. Supplier components will take six to eight weeks from engineering drawing release. Computer-aided design models or physical hardware are in place for over 90% of all non-off-the-shelf components. Once the components are available, the actual vehicle builds will likely take four to six weeks. The vehicles will be built on a pilot manufacturing line to simulate the production build. During the prototype build process, issues will be tracked and reported back to the component and vehicle engineering teams to be addressed."


I also found this as it does address the 125K to build and estimates of the financials of the price of the Elio and how much it costs for them to build it:
"Actual BOM costs can vary up or down during vehicle development as engineering changes are made and validated through testing. Through continuous product refinement during vehicle development, supplier negotiation closer to production and scale economies post-production, this cost gap is typically bridged. While design-decision driven costs are within our control, the commodity price fluctuations driven by energy prices are beyond our control. Additionally, the estimated $7,600 retail price is based on a 125,000 annual production volume and a BOM cost target of $5,654 that management expects to achieve at start of production. At 250,000 annual sales, we believe we can achieve the target $6,800 retail price due to lowered BOM costs (a target BOM cost of $5,132) resulting from economies of scale. Our management believes that based on the public response received to date, selling 250,000 vehicles per year at the $6,800 retail price is achievable."

These were dated 26 months ago, so most likely not an accurate estimate today.

 

[3wheelin]

I found it and you are right. The only thing is, he never said as to when he was going to build them and only planned on using Technosports. So, if Elio built them 5 years from now, then they lived up to what they said they were going to do. Here's what they listed:

"We plan to use Technosports Creative, a Livonia, Michigan-based prototype maker, to build 25 Elio prototypes and certain other manufactured parts used in the engineering and safety testing process. Technosports will build prototypes using a combination of fabricated and soft-tooled and off-the-shelf components provided by the Elio suppliers. Supplier components will take six to eight weeks from engineering drawing release. Computer-aided design models or physical hardware are in place for over 90% of all non-off-the-shelf components. Once the components are available, the actual vehicle builds will likely take four to six weeks. The vehicles will be built on a pilot manufacturing line to simulate the production build. During the prototype build process, issues will be tracked and reported back to the component and vehicle engineering teams to be addressed."


I also found this as it does address the 125K to build and estimates of the financials of the price of the Elio and how much it costs for them to build it:
"Actual BOM costs can vary up or down during vehicle development as engineering changes are made and validated through testing. Through continuous product refinement during vehicle development, supplier negotiation closer to production and scale economies post-production, this cost gap is typically bridged. While design-decision driven costs are within our control, the commodity price fluctuations driven by energy prices are beyond our control. Additionally, the estimated $7,600 retail price is based on a 125,000 annual production volume and a BOM cost target of $5,654 that management expects to achieve at start of production. At 250,000 annual sales, we believe we can achieve the target $6,800 retail price due to lowered BOM costs (a target BOM cost of $5,132) resulting from economies of scale. Our management believes that based on the public response received to date, selling 250,000 vehicles per year at the $6,800 retail price is achievable."

These were dated 26 months ago, so most likely not an accurate estimate today.

The money's all gone and spent someplace else other than completing the all important e-series prototypes so it's a mistake PE can't take back now. And again with no "fully tested" engine and ELIO prototypes, how can VCs even consider funding it?