Less Than $7,600, No Sooner Than 4th Qtr 2016

[Ekh]

I wonder how this affects the crash testing?

Let's hope they're crash testing the cars, not the Company.

 

[WilliamH]

Let's hope they're crash testing the cars, not the Company.

Definitely crash testing cars.
I hear their going over to "Elio Truth Seekers" looking for volunteers to act as dummies.

 

[Coss]

Definitely crash testing cars.
I hear their going over to "Elio Truth Seekers" looking for volunteers to act as dummies.

Don't forget to include the Haters too.

 

[roadtrippin2016]

From today's Elio email...

I'm assuming this is already covering in one of the mega-threads (like the 222 page and counting crowdfunding thread), but for those who don't want to wade the sea...

There are two key pieces of information that we’d like to point out. One, the price listed in the Preliminary Offering Circular is “less than $7,600.00.” Second, we state that we do not expect to start delivering to customers until the fourth quarter of 2016 at the earliest.

Regarding the $7,600.00 statement, I have stated on previous occasions, the vehicle cost would be close to $7,300.00 if we went to market today. Our collective goal has always been and will remain focused on engineering the Elio to the $6,800 price point. You don’t earn a Gold Medal in the Olympics by aspiring and training to win Bronze. To achieve huge accomplishments you must work diligently towards big goals. We will continue to work closely with our supplier partners to find ways to reduce costs to accomplish our $6,800 goal.

As for the production date, I have frequently communicated it is driven by our fundraising efforts. The supporters that have made reservations for both vehicles and equity shares, and supported us through the 506c offering have made a huge impact on our progress. This is not an easy task, but it is very much moving forward, so as the funding picture becomes clearer, so does our production date.


I have to admit after hearing this news...the production date had been inched up a little. This is the smallest amount of time postponed to date and hopefully the last one. I found out about Elio earlier this year and have been very excited about the actual release of this form of transportation. I've noticed there are thousands of people that have waited for a few years and are very frustrated with all the delays.REMEMBER: This is Paul Elio's first time around on this lifetime dream. He is a skilled and talented engineer but, he has surrounded himself with people FINALLY ....that have come onboard and know what they are doing. The information coming from Elio updates are very promising and the delays are to be expected. I think Paul has wanted this for so long it was just too easy to get excited about the actual production date and probably realizes he was premature in announcing previous production dead lines. First it had been mid-2016...now the updated production date at the earliest is fourth quarter Oct. 2016.....( sigh ! ) I'M HANGING IN THERE !...Because, my new job that I just obtained would save me over $175.00 a month in fuel cost driving the Elio and that was estimated at 75 miles per gallon...if the 84 m.p.g. is going to be true then the savings would be even more !...just sayin'​

 

[Frim]

email to me about 1:30 today:





August 28, 2015


Hello Steven,

Today is one of the most important and exciting days in Elio Motors history. We just filed our offering statement with the Securities and Exchange Commission (SEC) to seek authorization to make a formal stock offering to support our $25,000,000 equity crowdfunding raise.

We began the “testing the waters” phase of an equity crowdfunding initiative on June 19. We have surpassed our goal of $25 million, and are now at more than $30 million in non-binding expressed interest from over 8,300 investors. The quick and enthusiastic response from potential investors is further evidence for the support and enthusiasm for Elio Motors.

The equity crowdfunding initiative was made possible by amendments to Regulation A mandated by the 2012 JOBS Act, often referred to as Regulation A+. These new rules make it easier for start-ups to seek investment from non-accredited investors. Filing the offering statement is the next step in this process.

Regulation A+ is intended to allow entrepreneurs and start-ups easier access to capital. It also allows the average person to invest in a potentially hot growth company.

Given the potential positive impact Regulation A+ will have on startups and individual investors, we are proud to be one of the first companies to use this strategy. It’s innovative. We’re innovators. It’s a perfect match.

Our filing also means that Elio Motors’ company information will be more accessible than ever. Our Preliminary Offering Circular, which is part of our offering statement filed with the SEC, is available for review at www.eliomotors.com/equity (under Reserve My Elio button). One of our core principles from the beginning has been transparency, so we welcome the opportunity to share more about our mission with our fans and supporters.

There are two key pieces of information that we’d like to point out. One, the price listed in the Preliminary Offering Circular is “less than $7,600.00.” Second, we state that we do not expect to start delivering to customers until the fourth quarter of 2016 at the earliest.

Regarding the $7,600.00 statement, I have stated on previous occasions, the vehicle cost would be close to $7,300.00 if we went to market today. Our collective goal has always been and will remain focused on engineering the Elio to the $6,800 price point. You don’t earn a Gold Medal in the Olympics by aspiring and training to win Bronze. To achieve huge accomplishments you must work diligently towards big goals. We will continue to work closely with our supplier partners to find ways to reduce costs to accomplish our $6,800 goal.

As for the production date, I have frequently communicated it is driven by our fundraising efforts. The supporters that have made reservations for both vehicles and equity shares, and supported us through the 506c offering have made a huge impact on our progress. This is not an easy task, but it is very much moving forward, so as the funding picture becomes clearer, so does our production date.

We get that you want your vehicle. We understand. Frankly, no one wants to get these vehicles in production more than the Elio Motors team.

At the same time, our excitement continues to grow as our progress continues to gain momentum. We have hit several important milestones in the past six months as we have:

• Completed our engine design;
• Successfully reached our goal of $25M during the “testing the waters” phase in our crowdfunding efforts;
• Started the build for the P5 prototype;
• Recently completed another successful supplier summit;
• Begun putting together what will ultimately become our final production timeline;
• Become one of the first companies utilizing an equity crowdfunding platform to file with the SEC based on the most recent Regulation A+.

Elio Motors is a big idea. We are literally changing the world. Big ideas take time. Henry Ford, for example, took 17 years to go from prototype to mass production. It took Tesla nine years. We’ve been on this journey for seven and in the process have not compromised our original intent. Instead, we remain committed and hungry, and are making progress every day.

So, today, we choose to celebrate. Our SEC filing is a significant step in the right direction and gets us closer to our goal. We hope you will celebrate with us, and as always, thank you from the entire Elio Motors team for your support.

Paul Elio

Writing from my viewpoint as a product developer, I don't like the delays but I expect them. I don't like the cost increase, but it is inevitable. However, the progress is documented. The goal is the same and reachable. So I wait. I am $1000 all in.

 

[W. WIllie]

I don't believe it is a "cost increase". All along there has been an (*) by the price for the vehicle.
If you read the small print it means "No fixed price guarantee".
That has been that way for a very long time.
At first the "84mpg" was a concrete statement, now it is "Up to 84 mpg".

But I still believe in the vehicle.

Willie

 

[Ty]

Crash testing? Maybe the Chinese economy needed some crash testing...

 

[bowers baldwin]

Crash testing? Maybe the Chinese economy needed some crash testing...

Not to be a stickler, but just because they aren't growing at 7.4 anymore doesn't mean they are "crashing" geeze we'd be so lucky to be crashing at 7% GDP this year...

 

[lnwlf40]

I don't believe it is a "cost increase". All along there has been an (*) by the price for the vehicle.
If you read the small print it means "No fixed price guarantee".
That has been that way for a very long time

I did not see this. Here's what eliomotors.com has...

84 MPG
$6800*

...at the bottom of the web page....

* Starting MSRP excludes option, destination/delivery charge, taxes, title and registration.

 

[RUCRAYZE]

Not a fact (just me): They will sell to a cut-off number @$6800. + honor the incentives (to keep one of the magic promises)
They will have no need for the incentives at that cut-off time, and THEN they will raise the base price + the accessories
OR keep the base price, and pump-up all the factory extras, offer 1 yr warranty (extra for 3 yr ), spare tire, etc. etc.