Independent electric carmaker Elio Motors has recently raised the pre-order price of its groundbreaking three-wheeled autocycle which it officially calls as the E1A from the previous $6,800 to $7,000.
The $200 increase also comes with a binding or lock-in commitment that would not allow the prospective buyer to change his or her mind about buying the vehicle.
With the so-called binding commitment, those who have placed pre-orders on the E1A and shelled out $7,000 can no longer refund their money regardless whether the vehicle comes out on the market as scheduled later this year or not.
And customers who have fastened themselves with a non-refundable pre-order will have a final price of $7,300 for the two-seater car.
While it generated negative speculations from some of the 57,729 who have already made reservations on the crowdfunded E1A as of this time, Elio Motors explained that the complicated pricing scheme is part of its obligations to fulfill the requirements of its Advanced Technology Vehicles Manufacturing (ATVM) loan program under the Department of Energy, details the University Herald.
Having second thoughts on the car
The E1A is capable of achieving 84 miles per gallon fuel efficiency with its three-cylinder engine, which is the autocyle’s main selling point.
In fact, because of the pre-order price adjustment, questions have started surfacing as to whether the E1A is worth the purchase.
One individual who claimed to have experienced driving the autocycle disclosed that he can’t really say if it was a great driving experience or not as the vehicle allegedly made a noise like a tractor in a hayfield.
He also added that the gearbox was unpleasantly messy, bordering on unusable, and the handling of the vehicle did not inspire confidence.
Elio Motors VP for Sales Jerome Vassallo justified that the advantage of the E1A is that 90% of the time, people are driving by themselves. Some individuals say they want to carpool but most of them are on their own, so the autocycle is quite ideal for people who travel on their own.
Joining the Gateway Conference
The E1A shall once again be presented at the upcoming 2016 Gateway Conference to be held at the Four Seasons Hotel in San Francisco, California on September 7 to 8, 2016.
The company’s participation shall be highlighted by the presentation of Elio Motors founder and CEO Paul Elio on the first day. He is also scheduled to have one-on-one meetings throughout the rest of the day, reports Nasdaq.
The Elio Motors CEO is expected to tackle the recent milestones achieved in engineering, established pricing and supply agreements as the company prepares for commercial production.
The 5th Annual Gateway Conference is an invitation-only conference presented by Liolios, which brings together the most compelling companies with the nation’s top institutional investors and analysts.
This year’s event features more than 100 companies from a number of growth industries, including technology, business and financial services, consumer, digital media, clean technology and life sciences.
The format has been designed to give attendees direct access to senior management via company presentations, Q&A sessions and one-on-one meetings.
Incidentally, there are also reports saying that Elio Motors is starting to worry because its 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 and would have to wear helmets in many cities or locales.
Elio Motors is determined to finally put into production its three-wheel vehicle. The company has forged a partnership with Canadian company Linamar Corporation to produce the engines of its groundbreaking three-wheel vehicle, which is being positioned by Elio Motors founder and chief executive officer as a high mileage and low-cost eco-trike for years.