Financing Elio Motors Development And Production

[Truett Collins]

No, it is the end of story for you and only the end of story for me when I say it is for me. The issue is PE said he had money to go on without loan and now says he does not. That may not be a lie but without explaining it, it does not sound like being honest to many of us. You nor anyone else can get around that. You can accept the info anyway you want but so can I and that is the issue. I have not complained or even mention when or how often the information comes and do not know why you bring it up? It is not the frequency but simply one piece of info about financing the company and then saying you cannot. Things happen and he does not have to say what but then he gets the negative feedback.

Complaining by others does not get to be defined by you. You can voice your opinion but I have the right to mine. I and others signed up based upon what PE and others said. I believed him and now that is not true. I get to deal with that the way I decide not you. The following statement by you is ridiculous and you should realize that.

""well we figured out the nut and bolt would be better if it were moved 2 cm to the left today".
No one is asking or even suggesting he give more info or more often just don't say you have money and then say you don't. If he lost investor(s) there are ways to say that without causing negative waves.

I get to criticize anyone and/or anything without having to have a better plan. If you don't like my apples don't shake my tree.

"signed up based upon what PE and others said. I believed him and now that is not true. I get to deal with that the way I decide not you."

You see this all boils down to did he say what you think he said. Too many times you think you know what was said but it turns out you did not truly understand what was truly said.

 

[BADBOY]

This all began when what's his face was complaining about transparency. Then you piled on. So talking about the information and "lying" by PE is completely relevant if you understand what CONTEXT means.

It's still not lying by saying you believe you have the money only to later find out that you lost and investor or the expenses were greater than expected. Still not lying, part of trying to accurately project the future and doesn't always work (seldomly accurate with start ups).

Your quote "I and others signed up based upon what PE and others said. I believed him and now that is not true. "

That statement alone shows you don't understand business nor business investing. Giving someone money based on what they say instead of the facts of the agreement is completely ignorant. No wonder we have terrible leadership in this country when people keep deciding on words instead of facts/actions. That quote let me discredit your entire rant because you were ignorant enough to base your decision on a persons words, expecting them to be accurate by way of predicting the future (hint: no one can predict the future), instead of basing them on what the actual TERMS AND CONDITIONS say the agreeing is.

And the term end of story, refers to a similar one of "point proven" as in all points have been made, no more are needed to complete it. Obviously you aren't familiar with that in the english language and you have an issue with comprehension as well as being stuck in the teenager mindset of "no one can tell me what to do". Seems to me you have many of deep, unresolved issues completely outside of your perceived Elio issue. Good luck with that.

You begin your attack above by denigrating Wayne Kemp "what's his name" then say I "piled on" when I pointed out he had said some things that concerned me also. Again, I never said PE was lying but that he did say he had enough to go forward without the loan and now he does not. IF he lost investor(s) he could have said so in a way that did not turn away other investors. No matter how often you repeat it, at best he could have said it better. In the businesses I have been involved in and also in negotiations dealing with thousands up to millions of dollars what other people say is extremely relevant. In my research of the Elio, the so called "facts" were presented in comments by PE and other members of his team. Not sure what "agreement" you are referring to but by saying terms and conditions it seems you are talking about the nonrefundable agreement. If so, I did not mention it nor am I referring to it nor have I said anything about getting my $1k back. I made a deal and am sticking to it. To clarify my position & it is one issue only, PE said he had money to go forward without the loan and then said he did not. If he had said he lost investment but was seeking other, I'd have no problem. He did not. Could have been he just did not want to say that as he thought it might be a detriment. I am not saying he had to just that it makes me question it.

My "rant" as you put it is directed only at you not Elio. You post in this thread like you get to tell others how to think and rather than point out errors as you see them you try to ridicule them. You posts are arrogant and you try to put people down rather than discussing the issues. You may be the bully in your world but in mine you are as consequential as a gnat.

 

[Edward]

I think where a lot of people, including myself, are upset about this latest delay is the fact that Elio representatives were continuing to say that everything was looking good for 2015 production all the way up until Mr. Elio said that production is being delayed because of a huge funding gap.

 

[Catia]

I think where a lot of people, including myself, are upset about this latest delay is the fact that Elio representatives were continuing to say that everything was looking good for 2015 production all the way up until Mr. Elio said that production is being delayed because of a huge funding gap.

I think once the funding is met, we will see the production running....and no more delay.....remember we all have our up and down...I believe EM will raise up once the funding is in security. have faith.... and hope is a good things

 

[Ekh]

What's your point? Lack of information to pass on to the public doesn't qualify someone as being a liar or not transparent.

They have informed us every step of the way, I don't understand the issue?

It's much more efficient to work for months at a time and then release a lot of information than it is to work each day and at the end of the day say "well we figured out the nut and bolt would be better if it were moved 2 cm to the left today"

Sorry, but we have not been informed every step of the way. We've been informed way late on a number of occasions. What's causing this brouhaha isn't that the company needs money; it's the timing. If Paul had been MORE open about needing money MUCH earlier, we would be gritting our teeth and putting up with the reality. It's the "everything is going just great .... oops!" nature of Elio communications that has caused the uproar.

Paul has known for more than 90 days that additional funding was needed. (We know this because Paul said that's how long the pivate placement firm has been doing due diligence on Elio). THAT is when he should have said something. And his statements that "we have all the money we need to complete development" were out of synch with the slow-down in getting the engine ready for testing and the non-start on the 25 pre-production prototypes. (The explanation that they couldn't begin the prototype builds without the engines is the only thing I just can't swallow. Engines can ALWAYS be swapped in and out after a car is built -- only way you can service the things)

No company wants to bare its chest and say "OMG, it's all my fault, the sky is falling." Nobody likes to publicize bad news. So the impulse to delay communicating about unresolved situations and bad news is perfectly normal. But how you handle it makes all the difference, and IMO Elio has handled it badly. Hence the uproar on this forum and elsewhere. Painting over problems only makes it harder to repair the wall when the drywall damage becomes obvious.

I am an Elio supporter, and I think Paul Elio is completely dedicated to making this project work. But his PR skills are limited, or he's been getting bad advice, or both. I also think Paul is a fundamentally honest man, and that the mess he's in right now, with people calling him names, is deeply hurtful. But errors have been made, by NOT informing us "every step of the way." You can't claim to be transparent and try to obscure problems. It just won't wash.

 

[Rickb]

Sorry, but we have not been informed every step of the way. We've been informed way late on a number of occasions. What's causing this brouhaha isn't that the company needs money; it's the timing. If Paul had been MORE open about needing money MUCH earlier, we would be gritting our teeth and putting up with the reality. It's the "everything is going just great .... oops!" nature of Elio communications that has caused the uproar.

Paul has known for more than 90 days that additional funding was needed. (We know this because Paul said that's how long the pivate placement firm has been doing due diligence on Elio). THAT is when he should have said something. And his statements that "we have all the money we need to complete development" were out of synch with the slow-down in getting the engine ready for testing and the non-start on the 25 pre-production prototypes. (The explanation that they couldn't begin the prototype builds without the engines is the only thing I just can't swallow. Engines can ALWAYS be swapped in and out after a car is built -- only way you can service the things)

No company wants to bare its chest and say "OMG, it's all my fault, the sky is falling." Nobody likes to publicize bad news. So the impulse to delay communicating about unresolved situations and bad news is perfectly normal. But how you handle it makes all the difference, and IMO Elio has handled it badly. Hence the uproar on this forum and elsewhere. Painting over problems only makes it harder to repair the wall when the drywall damage becomes obvious.

I am an Elio supporter, and I think Paul Elio is completely dedicated to making this project work. But his PR skills are limited, or he's been getting bad advice, or both. I also think Paul is a fundamentally honest man, and that the mess he's in right now, with people calling him names, is deeply hurtful. But errors have been made, by NOT informing us "every step of the way." You can't claim to be transparent and try to obscure problems. It just won't wash.

I think Elio was pushing for a few more pre-orders with the official delay announcement on the agenda of the Jan. 15th meeting. I personally don't think that was a fair marketing strategy. I think in the grand scheme to production $240 Million is not a huge sum to venture capitalists and or the ATVM Loan Program.

The clean-energy loan guarantee program totaled $38.6 Billion and I read there is a $16 Billion balance. I hope the application is moving forward and we know the verdict on that funding source soon.

 

[Edward]

(The explanation that they couldn't begin the prototype builds without the engines is the only thing I just can't swallow. Engines can ALWAYS be swapped in and out after a car is built -- only way you can service the things)

I don't think anyone was saying that they couldn't build the test vehicles until the engine was ready; instead the argument was that there was really no need to build them until the engine was ready. I don't think that it was a terribly compelling argument, but not particularly bogus either.

No company wants to bare its chest and say "OMG, it's all my fault, the sky is falling." Nobody likes to publicize bad news. So the impulse to delay communicating about unresolved situations and bad news is perfectly normal. But how you handle it makes all the difference, and IMO Elio has handled it badly. Hence the uproar on this forum and elsewhere. Painting over problems only makes it harder to repair the wall when the drywall damage becomes obvious.

I have a few friends in the PR industry and they would agree completely. In the modern world, the best way to manage a bad situation is to own up to it up front.

 

[John Painter]

I had read on one of the threads an idea for Elio to offer corporate bonds as a way to raise capital, but didn't see a follow through, so I did. This was the response I got last night from EM. Now I'm wondering if that was one of the things Paul Elio was being a bit cryptic about as "behind the scene" options they're working on.



From: "Elio Motors Customer Service (Elio Motors)" <support@eliomotors.zendesk.com>
Date: January 19, 2015 9:00:33 PM
To: John Painter <johnlpainter@me.com>
Subject: [Elio Motors] Re: Corporate bonds

##- Please type your reply above this line -##
Your request (46105) has been solved. To reopen this request, reply to this email.

Elio Motors Customer Service (Elio Motors)

Jan 19, 19:00

Hello!
Thanks for your email.
That's a great idea, and it is one of our options to get the funding we need to get to production.
Please stay tuned for more information!

 

[JEBar]

I had read on one of the threads an idea for Elio to offer corporate bonds as a way to raise capital, but didn't see a follow through, so I did. This was the response I got last night from EM. Now I'm wondering if that was one of the things Paul Elio was being a bit cryptic about as "behind the scene" options they're working on.

Jan 19, 19:00

Hello!
Thanks for your email.
That's a great idea, and it is one of our options to get the funding we need to get to production.
Please stay tuned for more information!

confirmation of their funding efforts comes as no surprise but is great ho hear .... I suspect that they are making a strong effort exploring every funding source that they can come up with

 

[evboy]

one article said that they need 240 million more and they only have 60 million. if they have 60 million why cant they build the freaking prototypes and crash them now.