But both offers will only be valid once reservations figure for the company’s E1A reaches the 65,000 mark. As of the middle of last month, there are 56,823 pre-orders made on the autocycle as indicated on the company’s website. This means that the company still needs more than 8,000 additional pre-orders for the two offers to take effect officially.
Paul Elio explained that based on the company’s current engineering, models and materials calculations need to be given a base price for non-refundable reservation holders at $7,300 until they reach 65,000 total reservations.
He added that given the current expectations, the price supports the company’s vision and provides the most affordable vehicle option on the market.
Back in 2010, American electric carmaker Tesla Motors was able to secure from the DOE an innovation loan amounting to $365 million. Back then, Tesla projected that the base price of its Model S would be about $49,000 but it came out in the market with a base price of $70,000.
It is the same program that has been utilized by American carmaker Ford Motor Corporation and Nissan Motors from Japan.
There are also reports saying that Elio Motors is starting to get worried because their autocycle might be classified as a motorcycle for regulatory purposes. When that happens, drivers would not only need a separate motorcycle license to drive it, they would also have to wear helmets in many cities or locales.