I Have Given Up On Elio, Have You?

[Samuel Gompers]

First every once in awhile a body comes back to life in a morgue
Second Tucker actually produced about 17 drive-able cars

I believe that 51 Tuckers (driveable) were built. 48 of those are still accounted for. Two more incomplete cars were completed after the factory closed.

 

[RSchneider]

I believe that 51 Tuckers (driveable) were built. 48 of those are still accounted for. Two more incomplete cars were completed after the factory closed.

There's a guy in NJ that makes brand new Tuckers which are probably 100X better than the original but look just like the original ones. They used an original body for the molds.

 

[Elio Amazed]

Good News! There's Hope! We're not on the list!

https://www.zeroto60times.com/2012/...-BokUmKYdvKyUUkYG2XFkdjWfU9gNbzCWZZzQ8oaE2lkY

 

[84mpg]

Couple of them I've never heard of..... a Gaslight?

 

[RSchneider]

Good News! There's Hope! We're not on the list!

https://www.zeroto60times.com/2012/...-BokUmKYdvKyUUkYG2XFkdjWfU9gNbzCWZZzQ8oaE2lkY

They could also include:
Carbon Motors
Bright Automotive
Next Autoworks
V-Vehicle

All I have listed never got an ATVM loan and thus went out of business. They all had lots of interest and rock solid business plans yet never got an ATVM loan. V-Vehicle even had Apple, Google, a Texas billionaire and Hari Ilyer behind it.

 

[Made in USA]

Looking over the Elio Motors website I found some interesting items I hadn't read before. Under the investor section they have a "Corporate Governance" tab which has several topics including "Code of Business Conduct and Ethics".

https://content.equisolve.net/_6f20.../file/Code+of+Business+Conduct+and+Ethics.pdf

On the first page it has this comment:

II. Conflicts of Interest


You should avoid any position that gives you an interest that conflicts with the Company and any situation

where your acting for the Company could be influenced or appear to be influenced by personal or family

considerations. In dealing with customers, suppliers, competitors and others, you must act entirely in the

Company's interest to the total exclusion of personal advantage. You must notify your immediate superior

or the Company’s chief financial officer in writing immediately of any relationship that could involve a

conflict of interest. The following are some examples of such relationships:

 Owning a significant financial interest (one percent or more of a publicly‐held company or five


percent or more of a privately‐held company) in a customer, supplier or competitor of the


Company.

 Any separate, individual relationship with a customer, supplier or competitor of the Company.

 An immediate family member who is an employee or consultant for a significant customer or

supplier, or who is a competitor of the Company.


 Selling services or products of another person or firm if the Company offers similar services or


products.

 Conducting the Company’s business with a family member or a business organization that you


have or your family has an association with.

 Accepting gifts with a value in excess of $500 from a customer, supplier, potential supplier or


competitor.

 Association with any business or organization that interferes with your ability to devote sufficient


time, attention and efforts to the Company.

 Supervising, reviewing or influencing the job evaluation or compensation of a member of your


immediate family who is employed by the Company.

 Engaging in any other activity or having any other interest that the Company's Board of Directors


has determined to constitute a conflict of interest.

The Company reserves the right to determine whether or not a conflict of interest exists and the right to

take any action necessary to remove such a conflict of interest.

From what I can see Paul Elio has violated this policy with his Elio Engineering company. If the board of directors has allowed him to do this then they are also at fault for not enforcing policies. I am also intrigued with the web address for this policy (https://content.equisolve.net/...).

 

[Made in USA]

Also noticed this discrepancy: On the About Elio tab, Board of Directors, Paul Elio is not listed. However, under the Investor - Company Information - Board of Directors he is listed. I wonder if the terms for the board members is up and maybe there aren't any board members left. Without current SEC filings or any public announcements, who knows. I am going to send Elio questions about this and see if all I get back is to "Read the Blog".

 

[Samalross]

Also noticed this discrepancy: On the About Elio tab, Board of Directors, Paul Elio is not listed. However, under the Investor - Company Information - Board of Directors he is listed. I wonder if the terms for the board members is up and maybe there aren't any board members left. Without current SEC filings or any public announcements, who knows. I am going to send Elio questions about this and see if all I get back is to "Read the Blog".

I think the biggest conflict was the loans and deliberate defaults by the directors. Most of the 100+ million was spent this way. Very little invested in the actual car.

 

[RSchneider]

I think the biggest conflict was the loans and deliberate defaults by the directors. Most of the 100+ million was spent this way. Very little invested in the actual car.

If you look at what they spent vs what they raised. The numbers can't support that business plan. They raised about $115M and spent $62M on the car and need an additional $85M (probably now about $60M with the off the shelf engine). The rest was to make payments on the equipment (which is about $19M to date), the lease and the traveling road show. That would be about $53M. For what Elio is trying to do and the specs he set forth, $62M is not even close. Even the extra 60-85M is questionable. Mass production and the list of safety that he wants, costs lots of money. It's even more for a brand new startup with very little employed experience. Plus, Elio will never be able to hire good talent unless the money is in the bank from investors, even at that it'll be hard as many will ask, "What happens when we run out of money?" Top that off with the less than mediocre reception and reservations, it just made sense that it was going to end up where it is today. The numbers don't lie.

This is just like with Solo and FUV. They never brought in enough interest and money to get it going in a reasonable amount of time. Thus why both are trickling out the product or keep coming up with excuses as to why people need to wait a bit longer. If you are a big time three wheeler fan, they you look past that and think that the rest of the US and Canada are chomping at the bit to get a three wheeler. The fact is, they are not and the numbers prove it. Unless there's a shift where people desire three wheelers, I feel that the overall three wheeler market will stay where it is. A niche that you have to be "in the know" to realize it actually exists.

Think about it, in about two to three days, Tesla got $20M in $100 reservations for a pickup. It took Elio about 2 years to get to that point and that was with much larger deposits. That shows me where the market is heading. FUV, SOLO are struggling and Sondors is looking for money. Even the general public is not willing to throw $100 at a three wheeler in the volume that Elio needs to show sizable interest.

 

[Made in USA]

Good news - sort of. I asked them a simple question: Are the board members still board members? Response:

Yes. the board members are still board members.

Make sure to check out our blog at www.eliomotors.com/blog

Thank you,
The Elio Team