Elio Motors death bet. PLACE YOUR BETS

[Hugo Drax]

The problem is the whole thing smells of scam. The company does not have the capital to even begin production, does not own any manufacturing plant etc.. So how can you even advertised a production date when you have no money to even begin production at all.

Yet he does the typical ponzi hype, ask for deposits from people, offer 50% bonus for 1K deposits etc.. And keep hyping the story on the media and showing them "The factory" when there is no factory or production. Even VC is avoiding them like the plague.

This smells like the Twentieth Century Motor Car Corporation scam

http://en.wikipedia.org/wiki/Twentieth_Century_Motor_Car_Corporation

 

[darkswordsman17]

Another thing is that I'm sure there will be people that will swap in drivetrains from say superbikes into this. I wouldn't be surprised to see people try to develop an almost hot-swappable deal, where they could take the normal vehicle to the track on weekends and then swap the drivetrain in the rear and the front wheels/tires, go autocrossing, then swap back to the stock and go home. I'm sure it could tow a little trailer to hold the extra parts.

Looks great. I would consider it if cheap; enough.

this is not the vehicle that was on top gear. this is more like the spyder motorcycle. they are safer to drive.

They're aiming for I believe $6,800 price, and are also trying to setup financing so that you pay it off by using a credit card that when you pay for gas it charges you double with the extra being put towards paying off the car (there will of course probably be a minimum payment amount you'll have to maintain).

If they can get it just sub $10k and it can get anywhere close to the MPG they're aiming for, then I think they have a good shot at success, and hopefully can improve both over time.

I believe they were able to secure an old AM General (made the Hummer) plant in Louisiana for production, which should help. Tesla was in a similar position, they basically lucked out that GM and Toyota abandoned the NUMMI (?) plant which gave Tesla a facility to be able to expand production. If they hadn't gotten that they likely would still be trying to get off the ground as they'd have to have paid to convert another factory or build their own (and at the time they really did not have the capital to be able to do either). But it worked out well and they should be starting production of the Model X later this year (I believe, with it going on sale next year?).

 

[Rage187]

scam. The fact they get to keep the deposit even if they don't ever make a car should be a huge red flag.

 

[darkswordsman17]

The problem is the whole thing smells of scam. The company does not have the capital to even begin production, does not own any manufacturing plant etc.. So how can you even advertised a production date when you have no money to even begin production at all.

Yet he does the typical ponzi hype, ask for deposits from people, offer 50% bonus for 1K deposits etc.. And keep hyping the story on the media and showing them "The factory" when there is no factory or production. Even VC is avoiding them like the plague.

This smells like the Twentieth Century Motor Car Corporation scam

http://en.wikipedia.org/wiki/Twentieth_Century_Motor_Car_Corporation

They have a production plant to produce it (who cares if they own it right now, there's a lot of companies that have cars made at plants they don't own, hell Honda has Hyundai build cars for them in some of their plants, and I believe Subaru has done that as well in the past but they're successful enough now that they use up all of their own production capacity).

It's not a scam in the way you seem to think it is (where the guy is intending it to fail), but yes there absolutely is the potential for it to fail. Now you could argue how up front about that they are being, but I don't think this like you think it is.

I think this is more like Tucker, ambitious and it might not work out and so yes some people could be left having made a deposit but get nothing out of it and might not get their money back. They are making serious effort to actually make this (and meet their claims of MPG and cost).

There's quite a few similarities between Elio and Tesla.

 

[waggy]

Another thing is that I'm sure there will be people that will swap in drivetrains from say superbikes into this. I wouldn't be surprised to see people try to develop an almost hot-swappable deal, where they could take the normal vehicle to the track on weekends and then swap the drivetrain in the rear and the front wheels/tires, go autocrossing, then swap back to the stock and go home. I'm sure it could tow a little trailer to hold the extra parts.



They're aiming for I believe $6,800 price, and are also trying to setup financing so that you pay it off by using a credit card that when you pay for gas it charges you double with the extra being put towards paying off the car (there will of course probably be a minimum payment amount you'll have to maintain).

If they can get it just sub $10k and it can get anywhere close to the MPG they're aiming for, then I think they have a good shot at success, and hopefully can improve both over time.

I believe they were able to secure an old AM General (made the Hummer) plant in Louisiana for production, which should help. Tesla was in a similar position, they basically lucked out that GM and Toyota abandoned the NUMMI (?) plant which gave Tesla a facility to be able to expand production. If they hadn't gotten that they likely would still be trying to get off the ground as they'd have to have paid to convert another factory or build their own (and at the time they really did not have the capital to be able to do either). But it worked out well and they should be starting production of the Model X later this year (I believe, with it going on sale next year?).

hmm under $7k i think i would get one. it would be a lot of fun. I love the idea of swapping shit from a superbike. hell even a 600cc engine would be lots of fun.

 

[IronWing]

There's quite a few similarities between Elio and Tesla.

Musk put skin in the game.

 

[darkswordsman17]

Musk put skin in the game.

Very true, but go back and look at Tesla they showed off prototypes of the Roadster and made all sorts of promises years before delivering, and they took deposits (and then went back and told the people that had already put down like $10k that they'd have to up their deposit to keep their place in line), and then jacked up the price.

 

[Mandres]

I've posted about this extensively on the Garage forum and it's irritating that it keeps turning up like a bad penny.

Scam or not, the fact is that this vehicle never had a prayer of reaching manufacturing/distribution. Their <$7k price point is completely nonsensical. They never even got to the production prototype stage - it's literally a guy with a cobbled together made-in-the-garage body and frame and a used Geo Metro engine (or something like it) out trying to raise capital through internet hype.

If they actually solicited 40k pre-orders/deposits I would be absolutely shocked.

 

[zephyrprime]

Eh, maybe in the past I would have thought scam but look at all the bitcoin mining equipment makers. Those smelled like a scam even more than this does but in the end they came through.

 

[Hugo Drax]

So any word on Elio motors? I wonder how much time is left.

 

[Kaido]

So any word on Elio motors? I wonder how much time is left.

Yeah, they reached their $25 million crowdsourcing goal:

http://www.autoblog.com/2015/07/28/elio-reaches-25m-crowdfunding-target/

They're using the money to build 25 prototypes & are pushing for a 2016 production date. We'll see! Would be cool if it were successful.

PRESS RELEASE

ELIO MOTORS SETS EQUITY CROWDFUNDING RECORD; OVER 6,000 INVESTORS EXPRESS INTEREST OF $25MM IN REVOLUTIONARY TRANSPORTATION STARTUP

New Ruling Allows Non-Accredited Investors to Buy into Private Companies

Troy, Mich., July 28, 2015 – Elio Motors today announced that one month after launching its campaign, the company has received non-binding indications of interest valued over $25MM through leading equity crowdfunding platform StartEngine. Elio will continue to take additional expressions of interest via the StartEngine crowdfunding initiative, beyond today's $25MM milestone.

Capital raised will help fund the 2016 launch of its three-wheel, enclosed vehicle that is expected to retail for $6,800 and achieve up to 84 MPG. The innovative funding strategy, made possible by recent changes to the 2012 JumpStart Our Business Startups (JOBS) Act, is the perfect fit for a company that strives to innovate in every aspect of its operations.

"This milestone is fantastic, but it's just the beginning as we race toward our 2016 goal of mass production," said Elio founder and CEO Paul Elio. "Elio Motors is a revolutionary company in every way – making an affordable, environmentally friendly vehicle that creates American jobs. Equity crowdfunding is an innovative funding strategy that's making a big difference for our company and will make a huge impact for startups like ours, all around North America."

StartEngine's equity crowdfunding platform was made possible on June 19, when SEC Regulation A+ of the JOBS Act Title IV went into effect, enabling private companies to raise up to $50 million from both accredited and non-accredited investors. Unlike traditional crowdfunding, equity crowdfunding on StartEngine's alternative investing platform makes it possible for both accredited and non-accredited investors to get in on the ground floor and support startups in a whole new way.

Elio Motors recognized crowdfunding as a way to raise capital for the company as a natural evolution of its grassroots-based strategy. The company has taken nearly 45,000 reservations for the revolutionary vehicle and routinely has large crowds waiting for a chance to experience the Elio firsthand at each stop along its cross-country tour.

Elio Motors will use funds from this initiative to build an additional 25 prototypes for testing and validation. In March, the company launched an investment opportunity based on Rule 506(c) of Regulation D, which allows companies to offer shares to accredited investors. Funds from that initiative enabled Elio Motors to begin building its fifth generation prototype, the P5. The P5 will feature an engine developed by IAV specifically for the Elio and also will feature a production level transmission from Aisin.

Those interested in learning more about the Elio Motors investment opportunity can go to StartEngine - https://www.startengine.com/startup/elio-motors -, the crowdfunding website launched in June by business incubator StartEngine.

About Elio Motors
Founded by car enthusiast Paul Elio in 2008, Elio Motors Inc. represents a revolutionary approach to manufacturing an ultra-high-mileage vehicle. The three-wheeled Elio is engineered to attain a highway mileage rating of up to 84 mpg while providing the comfort of amenities such as power windows, power door lock and air conditioning, accompanied by the safety of multiple air bags and an aerodynamic, enclosed vehicle body. Elio's first manufacturing site will be in Shreveport, LA.

For more information, visit www.eliomotors.com or www.facebook.com/ElioMotors.


About StartEngine Crowdfunding, Inc.

StartEngine is the premier equity crowdfunding platform, connecting Millennials and aspiring investors with tomorrow's progressive companies. Based in Los Angeles, the company was created in 2013 by Howard Marks, co-founder of Activision, and Ron Miller. StartEngine aims to revolutionize the startup business model by helping individuals invest in private companies on a public platform, now viable for the first time in history, thereby helping entrepreneurs achieve their dreams.

Learn more at http://www.startengine.com

 

[mmntech]

Last word is they've raised $22 million but still need an additional $130 million.
http://www.greencarreports.com/news...-small-investors-still-needs-130-million-more

 

[Captante]

What is Elio Motors?

 

[Svnla]

Any of you ever touch or sit in one of these? I did and let me tell you, I would not want to sit in the back of it even I am just an average size guy. The front seat was not so bad but the back was so tight and narrow.

This vehicle is like a niche toy to run around the city but I would not want to ride it on the interstate.

 

[Kaido]

What is Elio Motors?

Startup car company. They're trying to make a little 3-wheeled motorcycle-style enclosed car for like $7k that gets 84 MPG. Neat concept. One of their big goals is to kind of help get junkers off the road & get people into high-efficiency new machines on a budget, especially since most people only drive themselves places regardless of car size. It's actually a really cool idea, and I hope they succeed.

 

[JEDI]

What is Elio Motors?

3 wheeled car that gets 84mpg and only costs $7k.

it's 2 passenger but the back seat is cramp unless you're a kid.

for insurance purposes, is it considered a car or motorcycle? (ie: tryke)

wonder what the safety ratings will be? especially for the back seat passenger if the elio gets t-boned

 

[SP33Demon]

Pretty cool, but nothing more than a cheaper smartcar. Would hate to get into an accident vs an SUV/truck.

 

[Ichinisan]

relevant:

Fixed.

EMBED THAT! :awe:

 

[Ken g6]

I knew this looked like something I'd seen before:

A company called Aptera tried to make a similar car, but for a lot more money.

 

[Murloc]

first time I hear about this, just saw the picture.

It will clearly not sell. It's a tricycle. Sometimes you see them around but they're mostly collectors who own the few that were made of each model.

People with not a lot of money will keep buying city cars, commuters with parking or money problems will keep driving their scooters with the rain equipment.

This thing doesn't solve the parking problem and doesn't allow you to skip traffic.

 

[SP33Demon]

first time I hear about this, just saw the picture.

It will clearly not sell. It's a tricycle. Sometimes you see them around but they're mostly collectors who own the few that were made of each model.

People with not a lot of money will keep buying city cars, commuters with parking or money problems will keep driving their scooters with the rain equipment.

This thing doesn't solve the parking problem and doesn't allow you to skip traffic.

At $7500 new + 84mpg it will sell, unless crash ratings are horrendous.

 

[Possessed Freak]

I truly want to believe this will make it to market. I have been following the project since its announcement. But, sadly, I think it will never come to be.

 

[Kaido]

At $7500 new + 84mpg it will sell, unless crash ratings are horrendous.

They are aiming for a 5-star safety rating:

http://www.ksla.com/story/20500339/is-the-elio-safe

They just posted an article about safety testing last month:

https://www.eliomotors.com/tech-talk-v58-recent-frontal-crash-test-simulation/

Really the only thing holding me back from buying one is the safety rating, and of course, actual safety testing. There's just no mass to absorb an impact, especially from the side. Maybe it's safer than a motorcycle, but I'd prefer something with a 5-star crash-test safety rating that also holds up in the real world.

Cool idea for a car though, especially once you consider how many people ride motorcycles or old cars with really poor safety ratings, so this would be a big step up for a lot of people - having airbags, a safety rollcage, etc.

 

[SunnyD]

They are aiming for a 5-star safety rating:

http://www.ksla.com/story/20500339/is-the-elio-safe

They just posted an article about safety testing last month:

https://www.eliomotors.com/tech-talk-v58-recent-frontal-crash-test-simulation/

Really the only thing holding me back from buying one is the safety rating, and of course, actual safety testing. There's just no mass to absorb an impact, especially from the side. Maybe it's safer than a motorcycle, but I'd prefer something with a 5-star crash-test safety rating that also holds up in the real world.

Cool idea for a car though, especially once you consider how many people ride motorcycles or old cars with really poor safety ratings, so this would be a big step up for a lot of people - having airbags, a safety rollcage, etc.

This is 90% of the problem with cars on the road today. They're fucking big for no reason, hence the danger. And they get bigger and heavier each year for additions of more "safety features" to mitigate the danger, but all of that just increases the costs.

Imagine for a minute if we were all driving around wheeled marshmallows. 100mpg, crashes would be laughable, and costs would be so low they'd be disposable. Insurance wouldn't even be an issue (or an industry). Now you know why this hasn't happened? Automakers, petro companies and insurance companies all would be hit right in the wallets. Let's not forget about the ambulance chasers and doctors that go along with them for that little cottage industry too. We can't have that happen now can we?

 

[lxskllr]

first time I hear about this, just saw the picture.

It will clearly not sell. It's a tricycle. Sometimes you see them around but they're mostly collectors who own the few that were made of each model.

People with not a lot of money will keep buying city cars, commuters with parking or money problems will keep driving their scooters with the rain equipment.

This thing doesn't solve the parking problem and doesn't allow you to skip traffic.

I absolutely will buy one if they go to market, and are sold close to the projected price. I don't believe in it enough to gamble my money up front, but $8k for a car is getting close to disposable tier.