Wikipedia And Elio

[bowers baldwin]

Ok, I added a picture of the P4. Let me know if you think anything else should be added.

Finally. I had brought this up 5/4/14, of course I didn't do anything about it (just too lazy)... Thanks Neal...

 

[bowers baldwin]

Just FYI, someone did an update on Wikipedia a couple of days ago, slightly negative but accurate..

"A lack of funding has been the primary obstacle to production over the last five years.[11] On their homepage they say the Elio will be "[c]oming fourth quarter 2016."[12] The delay will mean Elio will miss the deadline to reserve their space in Shreveport's old GM plant. An extension of the deadline is possible.[13]"

 

[Rob Croson]

Just FYI, someone did an update on Wikipedia a couple of days ago, slightly negative but accurate..

"A lack of funding has been the primary obstacle to production over the last five years.[11] On their homepage they say the Elio will be "[c]oming fourth quarter 2016."[12] The delay will mean Elio will miss the deadline to reserve their space in Shreveport's old GM plant. An extension of the deadline is possible.[13]"

This is accurate in one way, and completely wrong in others.

First: Funding has definitely been a big problem, as PE says all the time.

Second: There is no "deadline to reserve their space". EM already has their space in the factory reserved. They have signed a 25 year lease on ~1 million square feet of the factory, effective Dec 27, 2014. That space is theirs. (See offering circular Exhibit 6.9, paras B., C, and D.) In accordance with Exhibit 6.10 of the offering, EM doesn't have to start paying rent on that space until Feb 1, 2016. In addition, that rent is deferred until Aug 1, 2016. They have the lease on the property, and don't have to pay the first dollar in rent until August 1, 2016. (But on August 1, 2016, they will owe a whopping $1.75 million (!) in back rent, then ~$250,000 a month thereafter.)

Third: They are conflating two unrelated dates (one of which they completely made up, anyway). They are seeming to imply that the lease has some date by which they need to get the first car off the line in order to reserve their space in the factory. So, they need to actually produce a vehicle in order to get space to build that vehicle? Huh? The reality is that they have a signed lease in hand guaranteeing them that factory space, and they don't need to pay a single dollar for it until Aug 1, 2016.