SHREVEPORT, LA (KSLA) - Elio Motors took another step forward in the completion of its three-wheeled vehicle.
On Friday the company unveiled its new three-cylinder engine prototype. It has a projected speed of more than 100 miles per hour. The company is calling this one of the most important stages of development.
"We are literally trying to reinvent the auto industry, so why go the conventional route and rework someone else's engine?" said Paul Elio, president and CEO of Elio Motors. "There really was nothing available that combined the speed and power that we want and our customers deserve."
The three-wheeled vehicle will sell for $6,800. More than 40,000 reservation holders have already put down money for a spot in line to buy one.
Elio Motors plans to launch production in the first half of next year. The manufacturing facility in the old General Motors building is expected to bring 1,500 jobs in Shreveport.
The company says it's the first start-up to build an all-new internal combustion engine in 60 years.