Elio CEO addresses concerns about company's status at former GM plant
SHREVEPORT, LA (KSLA) - Elio Motors CEO Paul Elio and Caddo Parish District 12 Commissioner Louis Johnson addressed concerns about the company's future at the former General Motors plant in Shreveport during a news conference on Thursday afternoon.
Word of the news conference came on the same day Elio was expected to be in town meeting with commissioners behind closed doors, raising questions about whether such meetings would be allowed by open meeting laws.
Elio kicked off his portion of the news conference by addressing those questions.
"I want to say that Elio motors continues to be and has been committed to creating jobs in Shreveport in this facility We have never wavered on that and I'm very excited about where Elio Motors sits today.
"Unfortunately, most of the most compelling progress that we are making is not shareable publicly," Elio continued. "So we are now a publicly traded company. The Securities and Exchange Commission has some very strict rules on what you can and can't share as a publicly traded company, so it really handcuffs me from being able to give a full update to the entire community. However, the community certainly has a stake in these jobs being created and so I wanted to take the time to come down and give a full update to the commissioners who were willing to sign an NDA so I could actually share those pieces of information legally."
The news conference also came just days after the company's latest Securities and Exchange Commission filing revealed it may be unable to survive another year without additional loans and stock offerings.
Elio Motors is a startup company advertising 3-wheel vehicles.
In 2013, the company promised to bring 1,500 jobs to Caddo by building its vehicle in the former General Motors plant in west Shreveport.
The Caddo Commission bought the plant for $7.5 million to bring jobs back to the parish.
Since then, Elio Motors has been plagued with funding issues and repeatedly pushed back the production start date for its vehicles, leaving its portion of the Caddo plant empty and government leaders frustrated.
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