Following the presentation of their latest P5 prototype at the General Motors Show in LA, Elio Motors receives SEC’s approval for $25M equity crowdfunding. The start-up will sell equity shares on the StartEngine platform to prepare the opening of their production plant.
Elio Motors wants to revolutionize the concept of transportation by creating unique and friendly car designs. Their most recent model is the P5 prototype, which was first introduced at the General Motors show in Los Angeles.
The three-wheeled vehicle is incredibly efficient because it only spends 2.8l/100km. The $6,800 car is slightly longer than the past models of the company. This gives drivers additional space and headroom, particularly since seats have been mounted at lower levels.
The engine of the P5 prototype functions on gas and according to developers’ description it claims 84 MPG. The vehicle is not just innovative due to its alternative design, but it also features metallic insertions that make it a lot more modern.
The concept of the new car has captured the attention of the United States Securities and Exchange Commission, which is allowing Elio Motors to take part in a $25M crowdfunding. This approval allows non-accredited investors to make donations in support of start-ups.
The money will be used to create their own production base with approximately 1,500 job openings. The company estimates there will be approximately 18,000 indirect jobs created across the territory of the United States once the new P5 prototype is produced.
The founder of the company, Paul Elio plans to launch the new vehicle in the United States first. The feedback that the company will gather from U.S. consumers will play a decisive part in determining whether the car will be introduced on other markets, as well. The manufacturing of the P5 models will be made within the plant in Shreveport, La.
Elio Motors was founded in 2008 by Paul Elio in Phoenix, Arizona. They have created many futuristic car designs, but only the P5 model will actually get to production sites.
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