Elio Motors are still moving forward quite actively and the company is doing various things to secure their business on all fronts, particularly with regards to their finances. Recently, they’ve been preparing to sell off $25 million worth of stock, and reports indicate that this deal is actually the most major one signed under the “JOBS” act, so it’s been quite the high-profile event. Hopefully Elio will manage to build the funding they’re after, as the company seems to have a lot of potential to not only succeed on the market, but actually set some new trends that could stay for a long time.
The company has been testing the waters for their investment deal, and it’s reported that over 6,000 people have displayed an interest in providing funding through a crowdfunding campaign, totaling over $25 million in potential funding. This is not a small sum by any means, even for a company operating on this scale, and it should allow Elio to do a lot with their current project and bring it closer to reality.
According to reports, the funding is currently planned to be used for prototype testing purposes, as the company plans to produce 25 vehicles for testing. We don’t know how close this will bring them to an actual release, but it’s very likely that if this testing proves successful, it will be one of the major steps for completing the project, and we expect that Elio will have something to say to their fans very soon after the testing is over.
But there is still time until then, and the company has to first successfully go through the funding phase. They’ve just received regulatory approval for their funding and the company will likely commence the actual process very soon, so it should not be long before they have something to talk about from their testing. Hopefully, their reports will be good, as a lot of people seem to be paying attention to the company right now and this event will most probably have an effect on their reputation.
Discussions about the company on the Internet usually focus on their financial status lately, and many people are curious where Elio are headed in this regard and whether the company will find success in building up the money that they need to complete their goals. They do seem to have some interesting ideas for the auto market so it will be of benefit to everyone for Elio to succeed.
If this does happen, some say that we could even see a shift in attitude towards regular cars on the market, and people might become even more conscious about driving on a budget. Elio are trying to deliver a car that will not only be easily accessible to everyone, but it also comes with a radical new approach to its design, so it definitely looks like a model that can grab some attention once it’s out.
It’s not just about the money though, as Elio Motors have also faced some issues with their business on the legal side. The company had to discuss some laws with representatives in various jurisdictions, as the way traffic regulations were defined gave them some problems. The main issue was that the car designed by Elio Motors would have actually been classified as a motorcycle in some jurisdictions, leading to some obvious problems for those who want to get behind its wheel.