A three-wheeled car with two seats is legal to be out on the streets. Is the crowdfunded 84 mpg (miles per gallon) vehicle from Elio Motors, a closed cabin tricycle that is now legal in 41 states. Believe it or not, it requires a motorcycle license to drive, although the vehicle needs no additional training to do it.
The company only started in May 2015, and it didn’t take long to raise $25 million from over 6,000 individual investors. The legwork of the new player has now raised a total amount of $50 million, and the crowdfunded company is open to open to non-accredited investors to share the stocks.
The startup is offering a temporary deal of $7000 to pre-order the passenger trike. The company has a goal of 65,000 pre-orders and says it already has 56,000 reservations, so the deal is restricted to a limited amount of customers.
Where to get an Elio car?
If you find yourself interested, you can make your reservation in here. The site offers refundable deposits of $100, $250, $500 and $1000, each with higher priorities on the waiting list.
The crowdfunding campaign promised the vehicle for the price of $6,800, whereas other options like automatic transmission, parking assist, retro fenders of premium entertainment system will further raise the cost between $380 to $2,000 more.
— MRTecno (@MRTecno) August 13, 2016
Either way, 84mdb is set to launch sometime 2017.
The Department of Energy promoted Elio Motors
The pricing scheme is the work of the Department of Energy’s Advanced Technology Vehicles Manufacturing, an institution that seeks to endorse projects that could both promote startups that could create jobs and reduce the country’s dependency on foreign oil and fossil energies. ATVM will help Elio Motors into the automaker market, according to its founder, Paul Elio.
Tesla Motors Inc. (NASDAQ: TSLA) also got a loan from the DOE. Back in 2010, Model S scored $365 million from the institution with the promise that it would cost $49,900, but the real retail price is now $70,000.
Tesla founder Elon Musk, unlike Elios Motors, set his company to start at the top and forget altogether about the bottom. So, still, as a small player in the field, their boutique of electric cars is both luxurious and expensive.
— TREND GIZMO (@TrendGizmo) August 14, 2016
Ford Motor Company (NASDAQ: FORD) and Nissan (NASDAQ: NSANY) also used the same project.