For Those Still Interested in Elio

[ARtraveler]

This was going to be the year. Now, I don't think so. Bankruptcy anyone?

An article fresh off the presses:

"Elio Motors is facing a bleak financial picture and another delay, according to a news report.

Local news channel KTBS in Shreveport, La., reported that the three-wheel carmaker had $101,317 in cash and about $123.2 million in accumulated deficit as of Sept. 30, 2016. That came from a U.S. Securities and Exchange Commission filing, which showed a huge loss from the year before. According to the filing, the startup also reported having about $6.8 million in cash and a deficit of about $2.3 million as of Dec. 31, 2015.

KTBS also found a comment made by the company on its Facebook page that sets 2018 as the new target date for launching its car. That follows previous delays that were first announced in 2014.

Elio had taken over an old General Motors factory in Shreveport in early 2013. Initially, the company was planning on beginning production in 2014 and hiring 1,500 workers in an area that had been hit hard by GM layoffs. Manufacturing the cars has seen continuous delays. KTBS reported that it has “yet to create a single job or dollar of revenue for the area.”

CEO and founder Paul Elio had started up the company in 2009 and was building interest in the three-wheeler that could get 84 miles per gallon. It had started out as a $6,800 car, which was later changed to $7,300 with a few requirements including paying a non-refundable reservation and destination and delivery charges.

The company claims to have 50,000 people who’ve placed reservations on the car. Those willing to make a deposit somewhere between $400 and $900 also needed to agree to the following terms on Elio’s website reservation form: “While maintaining my present place in line for delivery, I understand that currently there is no definite date set for production or delivery of my vehicle.”

KTBS reported that Shreveport mayor Cedric Glover places much of the blame on Paul Elio for overpromising and lacking integrity.
“Going into the fourth quarter this year, they only had $101,000 in cash on hand. So when you think about the actual amount of money that they’ve been expending, Paul Elio with a salary of over 250 thousand,” said Glover.
Glover also puts some of the blame on Racer Trust, the company in charge of putting the GM plant to the best use for the community following the GM bankruptcy. He said that other companies, including Deacon Air Conditioning and Land Rover, had put in bids to take over the old GM plant, but the property has stayed in the hands of Elio.
“If you look at Paul Elio from 2009, certainly by the time you get to 2011 and 2012, it’s clear that what he is in fact is a dreamer and a schemer. It leads one to ask, what was the actual motivation behind committing these facilities, this equipment to Paul Elio and the Elio operation,” Glover said."

[jcthorne]

They ran out of suckers to bilk for 'investment' money. I'd call it a Ponzie scheme but NO ONE got a payout other than the money that was squandered to get no where.

[Chupaca]

The old saying applies..."if it sounds too good to be true ".. the only winners are the ones that got a $2.95 T-shirt for a $100.00 deposit..

[Joe T.]

Hey, HEY! HEYY!!!

There's still time to invest in the Dale!




Send me your money and I will make sure it gets to the 'Twentieth Century Motor Company!!!'



Joe T.

[PrairieSpyder]

I wonder if Elio has been snorting all that investment money, like DeLorean did!

[Bob Denman]

Yup...
They're circling the bowl right now:



That's right: you can't see anything, because that's exactly what they have produced!

Perhaps they'll put those $1,000 Tee-Shirts on sale now: I'd pay $10 for one of them!

[BLUEKNIGHT911]

When a FORENSIC AUDIT is finally done on this company ...... people are going to go to Jail ....... JMHO ..... Mike

[jojo]

Thanks for being an Elio Motors supporter. Asyou read in Friday’s blog, we have planned on a “Pop Up” event to take place tomorrowin Pontiac, Michigan! We would like to cordially invite you to sit in the ElioE1c, as well as chat with some Elio Motors senior management. Our vehicle willbe located on the corner of Warren St. and Saginaw St. from 3:30 and 6:30 PM.The address for the event is 91North Saginaw St., Pontiac, Michigan and the vehicle will be locatedon the street. This is not a traditional tour event, but is still a greatopportunity to see the E1c. If you have any questions about the event, pleasefeel free to write us an email at tellmemore@eliomotors.com

[Bob Denman]

jojo,
The way that your post is worded leads me to believe that you are connected with Elio in some way other than as a customer with a deposit on a vehicl; is this true?
If you are: can you get me a Tee-Shirt?

[jojo]

jojo,
The way that your post is worded leads me to believe that you are connected with Elio in some way other than as a customer with a deposit on a vehicl; is this true?
If you are: can you get me a Tee-Shirt?

Nope, no connection to Elio other than a regular reservation holder. That quote was from one of the weekly emails that I get from Elio.

......but funny that you should mention the t-shirt, as I'm wearing mine today. : )

Joe

[Bob Denman]

Thanks!
of the shirt?

[ARtraveler]

jojo,
The way that your post is worded leads me to believe that you are connected with Elio in some way other than as a customer with a deposit on a vehicl; is this true?
If you are: can you get me a Tee-Shirt?

I was thinking exactly the same when he answered both Elio threads. Will he go back and check up on some of the older threads where I discussed "accounting" probabilities and other similar issues? I don't think Paul has liked me from day one. Not going to apply for any positions with the company because of it.

PS. I caught JoJo's answer above. Good morning friend.

[Bob Denman]

Time will eventually tell the complete tale...

[Bob Denman]

Hey, HEY! HEYY!!!
Send me your money and I will make sure it gets to the 'Twentieth Century Motor Company!!!'



Joe T.

But Joe.
It's the 21st Century now...

[jojo]

Elio back.jpgElio front.jpg

Thanks!
of the shirt?

[jojo]

I knew that I had posted to another thread about Elio, but I can't find it anywhere. I thought that maybe it had been deleted. I used several search words and strings to find it...but no luck.

I was thinking exactly the same when he answered both Elio threads. Will he go back and check up on some of the older threads where I discussed "accounting" probabilities and other similar issues? I don't think Paul has liked me from day one. Not going to apply for any positions with the company because of it.

PS. I caught JoJo's answer above. Good morning friend.

[ARtraveler]

I knew that I had posted to another thread about Elio, but I can't find it anywhere. I thought that maybe it had been deleted. I used several search words and strings to find it...but no luck.

Just use the key word Elio in your searches. That should bring up all the archived threads.

[PapaHotel]

I had great hopes, still do, but hoping isn't to say that I am not a realist. When I was on my trip to Spyderfest, I was really wishing I was in my Elio. Snug, dry, warm and more easily handling the 38 mph gusty winds. But I do actually have the Spyder in my possession and it did it's job.

[Bob Denman]

Elio back.jpgElio front.jpg

Thanks! Do you want to sell it?

[jojo]

Nope, tried it. Nowhere to be found. It was a thread about the SEC filing by Elio and the way people misunderstood it.

Just use the key word Elio in your searches. That should bring up all the archived threads.

[jojo]

No, keeping it.

Thanks! Do you want to sell it?

[Bob Denman]

I sure can't blame you!

[ARtraveler]

Nope, tried it. Nowhere to be found. It was a thread about the SEC filing by Elio and the way people misunderstood it.

It is possible that the originators of the thread eventually deleted them. I answered many threads and tried to show the company as being pretty impossible to get the product rolling. Several years later, it is not looking any better--IMO. I have an accounting and managerial accounting background--so, what "iffing" is somewhat in my area of expertise.

Nuff said.