Elio Motors quietly confirms another production delay on social - KSLA News 12 Shreveport, Louisiana News Weather & Sports

Elio Motors quietly confirms another production delay on social media

Elio Motors still needs around $300 million to get started on production in Shreveport. Elio Motors still needs around $300 million to get started on production in Shreveport.
SHREVEPORT, LA (KSLA) -

Elio Motors' production time frame has been pushed back, again. This time from late 2017 to 2018. 

The company confirmed the latest delay on its Facebook page while responding to questions posed by commenters.

News of the latest delay comes just two months after Elio Motors CEO Paul Elio told the Louisiana House Commerce Committee that production of his 3-wheel vehicle would begin in Shreveport by the end of 2017. 

The company still needs around $300 million more to get started.

Elio Motors faces a deadline this summer to create jobs or face a financial penalty from RACER Trust. 

"This is a complex timeline, it's always subject to delay," Elio told commerce committee members in October.

"But I think if we experience delays now, it will be measured in weeks, whereas before it was measured in quarters, you know, we are getting there."

According to Elio Motors' latest SEC filing, the company's accumulated deficit was $123,212,432 as of Sept. 30, 2016. 

In addition, the company had a working capital deficit of $25,769,911, a 6-month net loss of $34,787,800 and a 3-month net loss of $13,873,656 as of the same date. 

According to the filing, "These factors, among others, raise substantial doubt about our ability to continue as a going concern," it goes on to say, "If we are unable to continue to obtain financing to meet our working capital requirements, we may have to curtail our business sharply or cease operations altogether."

KSLA News 12 reached out to Elio Motors public relations spokesman Mike DeVilling for clarification about the latest delay and is waiting to hear back. 

Copyright 2017 KSLA. All rights reserved.

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