Elio Motors, Inc. (OTCQX: ELIO) is a startup vehicle manufacturer, which is planning to mass produce a 84 mile-per-gallon, three-wheeled vehicle within the United States. Shares of the startup vehicle company are rallying 27.97%, through afternoon trading on Thursday, January 12, 2017. Over the past three months, Elio Motors, Inc. has seen average daily volume of 10,966 shares. However, volume of 24,850 shares or dollar volume of $227,377, has already exchange hands on Thursday.
Shares of Elio Motors, Inc. are seeing rallying Thursday, after the company announced it is planning to showcase its flagship vehicle, E1c, for the very first time at the North American International Auto Show. The vehicle concept will feature three-wheels, 84 MPG, and a base price of $7,300. Here is the full press release detailing of the vehicle startup:
Elio Motors, Inc. Press Release:
DETROIT, Jan. 10, 2017 /PRNewswire/ — Elio Motors, Inc. (ELIO), the startup vehicle manufacturer planning to launch a three-wheel vehicle that will get up to 84 mpg with a set base price of $7,300*, is gearing up to host its world-class supplier partners and showing off its latest engineering vehicle, the E1c, to Midwesterners for the first time at the North American International Auto Show.
The show wrapped up its media days today and continues tomorrow with “Industry Preview Days.” It opens to the public on Saturday and runs through Jan. 22. Visitors to the show’s public days will get their first up-close-and-personal glimpse of Elio Motors’ E1c engineering vehicle, which was introduced to automotive media in Los Angeles last fall.
“We’re looking forward to sharing the E1c with show visitors during public days. Detroit is a tough, scrappy town, filled with people who never back down from a challenge. They have the perfect mindset to understand our relentless effort to get this vehicle to production,” said Paul Elio, founder and CEO of Elio Motors. “We made great strides in 2016, improving our vehicle design, developing additional partnerships with world-class suppliers and relentlessly pursuing our fundraising efforts. We’re going to celebrate those accomplishments with our Detroit fans in the coming days.”
The E1c engineering vehicle is a significant step forward as Elio Motors progresses from the prototype to production phase. While the exterior looks only slightly different to the human eye compared to past Elio prototypes, the E1c engineering vehicle features foundational and structural improvements to the frame, suspension, and safety systems that will ultimately create a more satisfying driving experience.
The E1c is part of Elio Motors’ E-Series vehicles, which are being built for testing and validation purposes. More than 80 percent of the E1c was assembled using soft tooling — short-term, low-cost production tools — to prove manufacturability and repeatability of individual parts prior to full production.
Elio Motors’ team of world-class suppliers is primarily based in Detroit and has been instrumental in helping the company meet its cost, fuel efficiency and performance goals.
“Our supplier team is one of our greatest assets, complementing our existing engineering expertise and providing invaluable input into our vehicle development and manufacturing operations,” Elio said. “The North American International Auto Show’s proximity to so many of our world-class auto suppliers provides an opportunity to celebrate our ongoing progress. We look forward to seeing many of our supplier partners here at the show during Industry Preview Days.”
About Elio Motors, Inc.
Founded by car enthusiast Paul Elio in 2009, Elio Motors, Inc. represents a revolutionary approach to manufacturing an ultra-high-mileage vehicle. The three-wheel Elio is engineered to attain a highway mileage rating of up to 84 mpg, while providing the comfort of amenities such as power windows, power door lock air conditioning and cruise control, accompanied by the safety of multiple air bags and an aerodynamic, enclosed vehicle body. Elio’s first manufacturing site will be in Shreveport, Louisiana.
Forward Looking Statements
Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing and performance goals, and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in the Company’s periodic reports filed with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements are made and based on information available to the Company on the date of this press release. Elio Motors assumes no obligation to update the information in this press release.