Elio Motors founder discusses company's crowdfunding

Elio Motors' latest prototype to be in Shreveport on March 6
Elio Motors founder Paul Elio unveiled his company's P5 prototype Nov. 19 at the LA Auto Show. (Source: Elio Motors)
Elio Motors founder Paul Elio unveiled his company's P5 prototype Nov. 19 at the LA Auto Show. (Source: Elio Motors)

(KSLA) - Equity crowdfunding was the focus of a news conference the founder of Elio Motors, the startup company that says it someday will start production of its 3-wheel vehicle in Shreveport, took part in this morning in New York.

Paul Elio discussed Elio Motors' nearly $17 million equity crowdfunding raise. Slated to join him were Ron Miller, of the equity crowdfunding platform StartEngine, and Cromwell Coulson, of OTC Markets.

The 3 also were to speak about how Elio Motors' raise, billed as one of America's largest, is another example of how "equity crowdfunding is becoming the biggest leap forward for the democratization of capital in a generation," spokesman Dustin Winn said.

The company announced Feb. 16 that its shares were trading on the OTCQX market under the stock symbol ELIO.  That stock offering now is closed and accepting no further investments, according to StartEngine.com

"The past 3 months have been among the most important and productive in our company's history as we continue to reach one milestone after another," Elio says in a statement announcing the stock trading.

Elio announced in 2013 that his company would build its vehicles at the former GM plant in west Shreveport. Elio Motors since has become known for its production delays, with yet another announced Feb. 4. A recent KSLA News 12 investigation found that the company could face fines if there are more delays.

Other recent Elio Motors' developments

  • Feb. 12: The company says it reached 50,000 reservations for its 3-wheel vehicles.
  • Jan. 20: Elio Motors launches its first national advertising campaign to help raise awareness and generate vehicle reservations.
  • Jan. 12: The company announces it will begin building its E-Series prototype vehicles for testing and engineering purposes.
  • November 2015: Elio Motors introduces the P5, its fifth-generation prototype, featuring a 0.9-liter, 3-cylinder engine built by IAV specifically for Elio Motors.

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