In a race between Elio Motors’ three-wheeled high-MPG vehicle and its cash burn, it looks like the cash burn may be winning. The company, which was founded in 2009, most recently showed off its E1c engineering vehicle at the North America International Auto Show in Detroit earlier this month. That said, it’s losing money, and its product launch has been delayed again, this time until next year.
The company confirmed in a Facebook post earlier this week that it is “targeting consumer production to start in 2018.” Elio, which originally planned to have its trikes on the road way back in 2015, is planning to produce its trikes out of a Louisiana plant that was formerly operated by General Motors. It first unveiled its engineering vehicle at the Los Angeles Auto Show in November. That prototype, which resurfaced in Detroit this month, featured upgraded interior and safety systems, and suggested that the startup had the ability to produce a road-worthy vehicle that has attracted more than 60,000 reservations.
Elio claims its trike will be able to achieve 84 miles per gallon and will have a price tag of as little as $7,300. Whether that proves out or not, it seems that Elio appears to be running out of cash. As of Sept. 30th, the company had $101,317 in cash, down from $6.87 million at the beginning of last year. And while it has collected $24.8 million in non-refundable customer deposits, the company also had $30.7 million in current liabilities, up from $20.2 million at the beginning of the year. Through Sept. 30th, the company’s net loss widened to $34.8 million from $13.9 million a year earlier, according to the filing.
Source: Auto Blog
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