Elio Motors news update for August with price adjustment

By Peter Chubb - Aug 14, 2016

Update: We did get a couple of facts wrong in this article, such as its price. The original $6,800 was just an estimate and so was never going to be the actual cost. This could have gone up or down, as this was going to be based on costs. The increase to $7,300 is also said to be down to the requirements of the ATVM loan, which has been stated in the two informative comments below this article.

A review of the latest Elio Motors news for August does seem a bit alarming, and as such has started to worry the skeptics. The reason is not only because of its debut being delayed until next year, but a lot more serious than that, as the new reservation price increase is the thing that worried them the most.

For months we have heard from people suggesting that the sleek two-seater, three-wheeler car is nothing more than a scam, something that we just do not feel happy commenting on, but those fears do not want to go away. The thing is, Elio has not helped themselves by delaying the release of the vehicle, and now raising the reservation holders to $7,300, up from $6,800.

Latest Elio Motors news

The main worry here is that Elio Motors did not give any reason for the increase in cost, although they did say the sticker price would be reduced to $7,000 for those that make a binding commitment, which is still $200 more expensive than originally stated by the company.

In defence of the carmaker, the $6,800 figure was never set in stone, and so was just a ball-park figure. If they can still make this vehicle achieve up to 84 miles per gallon, then we are sure there are many of you out there that are willing to pay that extra few hundred dollars.

However, there are still fears that the the car will never get released seeing as though the company has applied for a $185-million Advanced Technology Vehicles Manufacturing (ATVM) loan from the Department of Energy in the United States, as this capital is needed to start production of the car. If they do not get the funding, then what happens? It’s all very well Elio Motors saying they have more than $350 million worth of confirmed sales, but that’s no good if they do not have enough money to even start manufacturing them.

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Also See: News of Elio Motors latest tests is another step closer to production

Elio Motors news update for August

  • BBBYpsi

    Do not believe it will come to production. Been watching this for several years now & the production date keeps getting pushed back & now the price is going up. Now also saying more money for certain options but does not list how much those options are like automatic compared to manual. Also what happened to the motor they were making that was going into this vehicle. I heard there was a problem with it. The test vehicles had the old geo metric motor which is crap. Maybe they should have partnered with Tesla & made a cheaper version of a Electric car & Like Arthur says could have gotten government founding to get it into production.

  • Arthur Burnside

    I have been following the Elio story since way back and have to question the intelligence of anyone who suggests that Paul’s efforts for the past years have been to somehow (how?) enrichen himself. Certainly the many parts supplier companies and Pep Boys do not believe the effort is a scam. . Elio mentioned and the car is certainly capable of being the first practical electric car that non-millionaires can afford. Had he designed it to be an electric, the Feds would be shovelling money his way.
    A govt that dumped hundreds of millions on Tesla , which didn’t even have any need for the money, then returned it (the WH claimed this was an example of a “good investment”, no less), and a solar panel company which EVERYONE knew was failing got hundreds of millions, just in time for the company to declare bankruptcy. Read the DOE statement concerning the characteristics they look for i awarding assistance and the Elio qualifies on every single count. Now you figure out why the braindead WH has not come forward with money for a surefire legitimate enterprise. Obama truly sucks.

  • John Painter

    The article is inaccurate in a number of points however the key area(s) of inaccuracy are that Elio Motors $6,800 estimated price was just that an estimate and over the past few years had changed several times up and down as they were dialing in the actual cost. The reason Elio Motors locked in the $7300 price was clearly described by them as being due to requirements for the ATVM loan through the Department of Energy and what their most recent BOM cost is as detailed in their SEC filings. For all in reservation holders (like myself) willing to commit to purchase, the price was dropped to $7000.

    While any new mass market automotive start up is extremely risky, and most fail (even Tesla has yet to make a profit) Elio Motors is clearly not a “scam”. Usually when I see people drop that word I have to wonder if they have done any research on the company, or if they have a vested interest in the company failing.

    I believe Elio Motors is on the cusp of mass production and support the the companies efforts. #12436