Friday Blog Is Out

[Elio Amazed]

I get my rental cars delivered, I estimate it takes two drivers and an extra vehicle forty five minutes each to do this.

The guy that delivered mine over thirty years ago brought it on a dolly. Dropped and ready to drive in five.

Getting a car delivered for a day or two would bankrupt YOYO in short order.

Who says the company was actually designed to last long enough to find out in the first place? Y'know what I'm sayin'?

 

[Elio Amazed]

He changed his name, but I think for different reasons

BY CHOICE? Interesting pick.

 

[RSchneider]

I have a question for Mr. Iyer. I see you were at Next Autoworks as a full time consultant from ESG Engineering then became their VP of Engineering for NA. They applied for an ATVM loan a few months after Elio Motors did in 2009. EM was for $250M and NA was for $321M. NA was rejected and nothing was ever heard of again when it came to EM. NA went out of business (technically it was V-Vehicle which went out of business but emerged again at Next Autoworks which went out of business). You moved onto Envia Systems then to Elio Motors as COO. Then in 2014, EM applied for the ATVM loan again. After that I see this from the latest SEC filing at EM:

Mr. Hari Iyer resigned as our Chief Operating Officer on May 31, 2016. Effective June 1, 2016, we entered into an independent contractor consulting agreement with Mr. Iyer. Under the terms of the agreement, Mr. Iyer will continue to advance our ATVM loan application. The agreement has a term of one year and requires payment of $10,000 per month. We paid $50,000 to Mr. Iyer as a back-end retainer covering the last five months of the agreement’s term in June 2016. We also made payments to Mr. Iyer in the amount of $10,000 and $20,000 in July 2016 and November 2016, respectively.

With your experience in the ATVM loan process (from NA and what EM told you about their first application along with EM second application) and getting paid $80K to further the loan application, how far are they into this process (since September 2015 it only lists stage 1 completed and since August 2016, the binding purchase agreement to measure market acceptability) and what are the chances of getting it? What happened to the first ATVM loan? It's been 19 months since the last ATVM loan update.

I ask this because I want to sell all of my cars, put down $1K on an Elio and sign up for Yoyo ASAP because I want to cut my transportation costs by 50%. I know that a $185M loan will go a long way to getting the Elio to production. With your experience of “led all aspects of business strategy and product commercialization” at Envia systems, at Next Autoworks “developed the original vehicle architecture, led the selection of vehicle technologies and suppliers and was responsible for all module engineering teams.” and also at Next Autoworks, you “led the creation of a North American auto industry first vehicle development process, which involved true supplier collaboration of more than 65 major Tier-1 and Tier-2 suppliers.” You have the knowledge and experience of commercialization and working with top notch automotive suppliers. With that, your insight would be greatly appreciated.

I'd also like to thank the Elio and Yoyo website along with Mr. Google for the above info.

 

[Samalross]

I hope that I am wrong, but I think that shareholders would be better off selling for $2.80 than holding out. A lot of investors have lost money investing in Hari Iyer and Paul Elio projects. Never have they had a success story

 

[bowers baldwin]

I hope that I am wrong, but I think that shareholders would be better off selling for $2.80 than holding out. A lot of investors have lost money investing in Hari Iyer and Paul Elio projects. Never have they had a success story

In for a pound out for a penny?

 

[4matic]

I have a question for Mr. Iyer. I see you were at Next Autoworks as a full time consultant from ESG Engineering then became their VP of Engineering for NA. They applied for an ATVM loan a few months after Elio Motors did in 2009. EM was for $250M and NA was for $321M. NA was rejected and nothing was ever heard of again when it came to EM. NA went out of business (technically it was V-Vehicle which went out of business but emerged again at Next Autoworks which went out of business). You moved onto Envia Systems then to Elio Motors as COO. Then in 2014, EM applied for the ATVM loan again. After that I see this from the latest SEC filing at EM:


With your experience in the ATVM loan process (from NA and what EM told you about their first application along with EM second application) and getting paid $80K to further the loan application, how far are they into this process (since September 2015 it only lists stage 1 completed and since August 2016, the binding purchase agreement to measure market acceptability) and what are the chances of getting it? What happened to the first ATVM loan? It's been 19 months since the last ATVM loan update.

I ask this because I want to sell all of my cars, put down $1K on an Elio and sign up for Yoyo ASAP because I want to cut my transportation costs by 50%. I know that a $185M loan will go a long way to getting the Elio to production. With your experience of “led all aspects of business strategy and product commercialization” at Envia systems, at Next Autoworks “developed the original vehicle architecture, led the selection of vehicle technologies and suppliers and was responsible for all module engineering teams.” and also at Next Autoworks, you “led the creation of a North American auto industry first vehicle development process, which involved true supplier collaboration of more than 65 major Tier-1 and Tier-2 suppliers.” You have the knowledge and experience of commercialization and working with top notch automotive suppliers. With that, your insight would be greatly appreciated.

I'd also like to thank the Elio and Yoyo website along with Mr. Google for the above info.

Great posting!

Certainly highlights the “cronyism” within the Elio corporate structure...

It’s always been my notion that Elio made lots of unnecessary payments to consultants that added little or no value to the development of the Elio vehicle...

Bluntly said...the reservation holders have certainly not been the first priority for Elio...and have been left in the dark...

Absolutely no transparency from Elio...

 

[Samalross]

Great posting!

Certainly highlights the “cronyism” within the Elio corporate structure...

It’s always been my notion that Elio made lots of unnecessary payments to consultants that added little or no value to the development of the Elio vehicle...

Bluntly said...the reservation holders were hosed by huge misappropriations from Elio’s bank accounts...

It’s shameful...

Yes and the loans that were defaulted on the first payment, triggering 18 percent interest penalty rider.

 

[Johnny Acree]

A Penny For Your Thoughts…
March 16, 2018



Happy Friday Elio’ers! Are you as excited for the weekend as we are? As you know, the NCAA Tournament has already kicked off and games will play throughout the weekend. Also, tomorrow is St. Patrick’s Day. A weekend with corned beef, a green beverage, and non-stop hoops? Count us in!

A couple of weeks ago, we mentioned that our followers are a very knowledgeable group, and we wanted to hear your thoughts on the future of the automotive industry. Many of you responded with tremendous input and we really appreciate it! We couldn’t fit in all of the responses we loved, but here are some of our favorites.

Keith C, a loyal fan, gives his take on the demographics of Elio buyers:

“The Elio Niche: The Elio design will occupy a unique Niche of Pricing and Mileage, for Commuters, Students, Low Incomes (40% of America), Retirees (for both Traveling and Local transportation), and for Old Bikers who want to give up the Openness of 2-wheels for the Enclosed (AC/Heat) 3-wheel stability. Elio production cannot happen fast enough for me.”

Another loyal supporter, BooBoo, had this to say:

“This year’s Fancy Pickups are last year’s Crossover SUV’s. Trends are always changing for one reason or another. What is being sold, and what people want to buy, are the eternally changing questions of commerce. There are also things that do not change, for instance, a constant yearning for quality, and value. As for the future in transportation. I will talk for myself.

I enjoy driving, and as long as I am able, I would rather drive than be driven. I like to know I could go far even when I don’t have to. I like a vehicle with ” Vigor, vim, vitality and punch”. I like to be able to rely on my vehicle to take care of me as long as I take care of it. I like a vehicle that likes me back. When I look at an Elio, it feels like it is saying, I like you too, let’s go have fun. Let’s go Elio.”

In terms of where the industry is headed, Peter opined:

“The automotive industry is moving toward increasingly complex power and navigation systems that improve performance and convenience. This will lead to increased purchase costs and expensive maintenance. When not in 4-wheel rush-hour traffic, I enjoy driving and am not interested in silent electric motors or driverless vehicles.”

Kevin focused on a few changes he would like to see in the automotive industry:

“The American automotive industry must change now to assure sustainability, both for itself and for citizens of Earth. The vehicles it currently produces cost too much in terms of dollars spent and in terms of fuel used and CO2 emitted. Electric Vehicles are already a solution for two of these problems, especially when using renewable energy. They are, however, not yet affordable for many. To make a difference now, the American automotive industry must build affordable, efficient vehicles now.”

Finally, Lee gives a unique perspective:

“I think there should some greater emphasis on cybersecurity for automotive chips to cut down attempts for hackers to get into a car’s chip”

Thanks to everyone who sent in their thoughts. Have a tremendous weekend!

 

[4matic]

“I think there should some greater emphasis on cybersecurity for automotive chips to cut down attempts for hackers to get into a car’s chip”

Can’t believe Elio included this statement in their latest blog...

This is certainly not a valid reason to buy an Elio vehicle...just too bizarre...

 

[RSchneider]

Can’t believe Elio included this statement in their latest blog...

This is certainly not a valid reason to buy an Elio vehicle...just too bizarre...

I got to hand it to Elio, they did say, "unique perspective" and I don't know about you, but the sarcasm meter went to 100% on that one (unless someone hacked into the chip on my meter).