After establishing a crowdfunding campaign on Start Engine last month, the fledgling automaker has received nearly $1 million in non-binding commitments from interested investors every day. The company has just $6 million left before hitting its $25 million goal.
The company has taken advantage of new investment regulations outlined in the 2012 JOBS Act, which allows startups to raise up to $50 million from accredited and non-accredited investors.
“We’re always looking for new ways to do things and crowdfunding is certainly the wave of the future for entrepreneurs, start-up organizations and investors,” said Elio Motors chief Paul Elio. “With so many people expressing interest in our vehicle and our company, it shows we are on the right track – both in how we have developed and marketed this vehicle and also in how we are raising the capital needed to continue our march toward production.”
Once the company reaches its funding goal and completes the necessary Securities and Exchange Commission audit, the funds will be used to build 25 prototypes for testing and validation. Work on a fifth-generation prototype has already begun, complete with Elio’s IAV-designed engine and a transmission from Aisin.
Elio is still working to bring the three-wheeler to market with a promised $6,800 price tag and 84-mpg efficiency rating. The company expects to employ 1,500 workers at a Louisiana factory once production begins, while creating another 1,500 jobs at third-party suppliers.
The project has already faced several delays, but is now claimed to be on track for production by mid-2016.
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