Elio Motors’ founder believes the company could still begin making three-wheelers at its plant outside Shreveport within the next year if the startup can raise an additional $230 million.
In an interview with The Wall Street Journal, CEO Paul Elio said the bulk of the cash, around $185 million, would come from an Energy Department Advanced Technology Vehicles Manufacturing loan. The program supports the development of more fuel-efficient technologies.
Elio also hopes to raise $30 million from accredited investors, those with $1 million in assets or $200,000 in income for the past two years. Under the 2012 federal JOBS Act, these investors can buy into a startup for a minimum of $15,000.
The vehicle will cost around $6,800 and will be able to travel 84 miles on a gallon of gas.