Elio Motors Raises $22M in Crowdfunding

Elio Motors has raised $22 million in a crowdfunding campaign to fund production of 25 prototypes of its high-MPG trike, the company has announced.

by Staff

July 10, 2015

1 min to read

Elio Motors has raised $22 million in a crowdfunding campaign to fund production of 25 prototypes of its high-MPG trike, the company has announced.

The company began the initiative through StartEngine.com on June 19 and is now only $3 million dollars away from its $25 million goal. The funds would also cover testing and validation for the three-wheeled vehicle. The crowdfunding initiative has averaged nearly $1 million in expressed non-binding interest per day.

The Elio, the company's flagship vehicle, is expected to sell for $6,800 and reach up to 84 miles per gallon. It will feature a purpose-built engine developed by IAV and a production-level transmission from Aisin. The Elio emits one third the carbon-dioxide emissions of the average vehicle, according to their crowdfunding campaign site.

The company has already taken approximately 45,000 reservations for the vehicle. Production will take place in Shreveport, La., at a former General Motors plant.

Topics:Elio Motors Fuel Efficiency Green Fleet

More Green Fleet

Turning Connected Vehicle Data Into Decisions That Matter

Fleet leaders have more data than ever, but turning that data into clear, actionable decisions remains a challenge. This white paper shows how leading organizations are using connected vehicle data to improve safety, reduce costs, and optimize fleet performance. Learn how to turn insight into action across your fleet.

Are You Tracking Your Fleet's True Total Cost of Ownership?

Bobit Business Media surveyed 190 fleet professionals and found that while most fleets are tracking costs, fragmented systems and data gaps are keeping true TCO visibility out of reach. With rising pressure to control spend in an increasingly volatile environment, the gap between what fleets think they know and what the data actually shows is wider than you might expect. See how your peers are managing costs today and where the industry still has room to improve.

Hybrids: Electrification Without the Challenges

For fleet managers, fuel is one of the biggest line items in the budget — and it's one hybrids can shrink without changing how your people work. Download the eBook to see the numbers, understand the technology, and get a step-by-step guide to making the switch.