Elio Motors Applies for $185 Million Loan from the US Department of Energy Advanced Technology Vehicle!

Elio Motors’ loan application from the US Department of Energy Advanced Technology Vehicle has cleared the first of the three stage scrutiny process. Elio Motors plan to start manufacturing the first three-wheel vehicle from the firm, known as the Elio, from General Motors’ old manufacturing facility in Shreveport, Louisiana. The company plans to commence productions from 2015.

This vehicle is a grass-root daily commuter that returns 84 MPG on the combined scale. It is available for a base price tag of $6,800 and has been classified as a motorcycle. Hence, owners are bound to receive numerous advantages and exemptions from the Government. However, the only downside to the vehicle is that, drivers and passengers are required to wear helmets which driving.

Even though Paul Elio, the Founder and CEO of Elio Motors, is campaigning hard around the country to create an exemption, although, the Government is yet to abide. The Elio is one of the safest three wheelers on the road, and the team of designers and engineers has made sure that it delivers on the promises.

However, being rated as a motorcycle helps the company avoid the stringent crash tests to determine safety rating, even though Paul Elio claims that the vehicle will receive a five-star rating if tested. The DOE ATVM has invested million in green car projects from Ford, Tesla and Nissan in the past and Paul is hopeful that the authorities will comply in this case too.

The officials have tested the vehicle for its fuel economy and environment compliance and have cleared the vehicle for the second round of testing.

The ATVM was formed back in 2007 by the Congress and endowed with lending capability of up to $25 Billion wherever it deems fit. The project has been one of the most appreciated ones, and the US has recorded a rise in eco-friendly cars since. Startup companies like Tesla have utilized this facility for Research and Development, and their new cars have been accepted around the global market.

“Even though we are taking baby steps towards the future at the moment, it is progressing and some progress is better than no progress.” Paul announced. “At $6,800, the Elio is the most user-friendly daily commuter that the people can trust. It is easy to drive, fuel efficient and eco-friendly, just the type of American innovation that the people need right now.”

Elio Motors

Elio Motor will create employment opportunities for around 3,000 people while 1,500 locals are to be employed. The company is looking to work on 1.5 Million sq-ft of an abandoned 4.1 Million sq-ft General Motors factory and will use the equipments that they need while selling off the rest.

Stay tuned for additional news, reports and updates from the world of automobiles.

Leave a Reply

Your email address will not be published. Required fields are marked *