On Thursday, Elio Motors, Inc. (OTCQX: ELIO) announced the
completion of the fourth and final stage of engineering for its
highly-anticipated E-Series vehicles, including the finalized chassis design.
This milestone is significant in Elio’s progress toward the commercial launch
of its three-wheeled vehicle, as it opens the door for real-world vehicle
validation and ride dynamics testing and calibration. Moving forward, the
company will depend on a seasoned, eight-person build team to hand craft
vehicles from its newly-established Pilot Operations Center in Livonia,
Michigan, in order to complete a variety of aerodynamic, safety and durability
tests ahead of the start of commercial production.
“Once our E-Series vehicles emerge from the pilot build, the
Chassis team will conduct ride and handling development tuning to refine the
vehicle’s driving characteristics prior to commercial production,” Jeff
Johnston, vice president of engineering for Elio, stated in yesterday’s news
release.
The design of Elio’s E-Series includes a number of
innovative features meant to reduce noise and vibration while increasing the
comfort of the ride for both drivers and passengers. In particular, Johnston
highlights the vehicle’s independent suspension system, which consists of
unequal upper and lower control arms incorporating a coil-over shock absorber
that’s reminiscent of the suspension systems used in some of the world’s leading
performance vehicles. This suspension allows Elio to maintain a lower profile
for improved aerodynamics and lighter weight.
“This achievement, which is the final step in our
engineering process for the E-Series of vehicles, further validates the flexibility
and agility of our Elio Motors-supplier product development process,” Paul
Elio, founder and chief executive officer of Elio Motors, stated in yesterday’s
news release. “Roush, which joined the team in January, has done a tremendous
job on the design of the chassis and suspension, as well as managing the
overall engineering process working at what seems like lightning speed.”
In recent months, Elio has been aggressive in pushing toward
production of the E-Series. In January, the company launched its first national
advertising campaign to increase awareness and generate additional vehicle
reservations. To date, Elio has recorded more than 52,400 reservations for its
E-Series, capitalizing on a host of marketable features such as record fuel
economy of 84 miles per gallon and a targeted base price of just $6,800.
These efforts have had a noticeable impact on the company’s
financial position. During a busy first quarter of 2016, Elio successfully
raised nearly $17 million in a Regulation A+ stock sale on the StartEngine
Crowdfunding platform. Regulation A+, a ruling stemming from the 2012 Jumpstart
Our Business Startups (JOBS) Act, allows businesses to raise up to $50 million
in funding from both accredited and non-accredited investors. With this move, Elio
became the first U.S.-based organization in history to raise capital using
Regulation A+, as well as the first to have its shares publicly traded when it
listed on the OTCQX Best Market back in February.
For more information, visit www.eliomotors.com
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