Elio Motors keep progressing in their efforts to bring their revolutionary three-wheel design to the market, and recently, the company announced their intention to open up their doors to public investors. This managed to generate a lot of hype on the Internet, where the company has been enjoying a lot of popularity for various reasons, and right now, people seem to be getting even more excited about the upcoming model.
The company has issued a press release according to which they’ve been seeking support from Network1 Financial Services, to the tune of $30 million in the form of Convertible Subordinated Debt. According to the press release, this is the most recent step that the company has taken to bring their model to the market, and they’ve been moving forward quite successfully with their plan as a whole.
This move is also a part of a much larger and intricately developed strategy for fundraising, which also involves other activities, including the sale of various extra equipment that the company acquired from the former General Motors truck manufacturing plant which they plan to use for their own production.
Some members of the press have expressed a certain level of confusion over the press announcement, as it seems to overlap a little with a previous statement made by the company, but in the end, Elio seem to know exactly what they’re doing, and the company is operating under a strict plan. Whether or not it will work out for them remains to be seen, but so far they seem to be making all the right moves.
Network1 themselves have also commented on the situation, with their Vice President of Business Development stating that they are proud to be chosen by Elio Motors for their fundraising, and they’re hopeful to help the company deliver their innovative product to the market.
Elio have been enjoying a lot of attention for their design, despite the fact that some publications haven’t been very interested in covering their progress. If they succeed with the release, it’s going to be a serious entry into the auto market, possibly revolutionizing the way we see personal transportation, according to various experts.
The vehicle is a three-wheeler with a fully enclosed body, working as a hybrid between a car and a motorcycle. However, this has created some problems for the company on the legal side, as they were forced to negotiate with the government in various states in order to ensure that their vehicle can even be sold in its current state. The problem was that some states would classify the model as a motorcycle due to its three-wheel design, therefore requiring drivers to wear a helmet, despite the fact that the vehicle is fully enclosed.