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filingsonly showthey didn't understand their own business plan.
The SEC filings only document how they made too many expensive choices.
It shouldn't have cost so much and wouldn't had they stuck to the plan and not started redesigning the thing to be just like a car.
Of course, it is easy to speculate that it could have been a smokescreen for hemorrhaging cash.
Show one high volume cheap vehicle: Fiero, Saturn.
"Show me one high volume cheap vehicle that is made from a space frame." Pontiac Fiero, every Saturn ever built.
Its startup costs are lower. Fiero was also one of the safest vehicles of its size in '84-88 from the standpoint of crash resistance.
"If you actually took the time to read the SEC filings (which you haven't) you'd see why they were hemorrhaging cash. I ask you this, 'Why do you refuse too?' "
I don't refuse to. It sounds like you let them tell you whatever they want.
They led everyone to believe they went in with a lower cost startup plan. The three wheels would not require the same level of emissions compliance or crashing 90 different cars to ensure crashworthiness. Then they start wasting money pursuing unnecessary things which probably increase their tooling costs tenfold like going to steel stampings for the unibody.
It's almost as if Elio didn't understand the point of his own plan.
They did say they needed $378 million, not 600.
The switch from a low cost plan to a higher cost plan suggests they were hemorrhaging cash. What was wrong with a welded space frame?
What cost hundreds of millions? Can you point to where the money went?
Obviously they ran out of money. That's practically what I said.
World class automobiles cost that and more to develop but they crash test around a hundred of them and wind up with a world class design and a ready factory and supply chain. I doubt Elio exhaustively tested the few prototypes.
And, if they were running short of funds, why did they drop their low startup cost plan and redesign it to be a unibody?
You may not realize what you are hearing.
Suppose a gang put the bite on a company. Suppose the company started with a simple, easy-to-implement design but got talked up to re-engineering their design to make more use of the local talent. Perhaps they had to pay a security deposit to the gang and hoped to get it back when they proved they were staying by re-engineering the car for stamped steel?
Suppose the gang let on the company would be in production soon but what they were actually excited about and eagerly awaiting, was their (the gang's) receipt of more money.
Where did it all go? Were hundreds of millions really spent creating five prototypes?
Didn't it rather seem like they stopped trying at some point? Aren't the chosen colors a bit unrealistically obnoxious? I don't even see very young people driving cars with such plain, bright colors; and there aren't any choices for more conservative tastes. There are probably off the shelf shades which are more conventional.
Some people have a problem with investment. They want you to blow your cash locally. Not saying Shreveport or New Orleans, never spent any time there, but suppose it is so. Suppose by bringing them $100 Million, a failed broker and cab driver got to retire rich in the New Orleans area. Instead of being pressured to leave because he's not "old South," he would have gotten himself a gang of supporters because of all the money he spent "rehabbing" the plant. I would guess he did a lot of the work fabricating prototypes (or what looks like prototypes) in the South.
If Elio had a viable way forward, maybe they could get the rest of the cash they need.
Build it in Canada or Mexico. Or, break the promise and build it in China or Indonesia. It's better than not having a company.
The car did not have enough advantages when there were plenty of chips.
In the present environment, or if things get worse, they would have something no one else did which is a new car they could sell.
It might finally attract the capital they need.
Can't Motorcycles use points, carburetors with no chips?
If there's a chip shortage, perhaps Elio could buy the rights to use an older engine which used points ignition and a carburetor? There would also have to be a non-electronic automatic transmission.
Opiates!!! Any evidence Elio got surgery before starting his company?
Maybe some back issues? Anything which would expose him to painkillers?
That would explain it all.
Good news at last? Maybe. ATVM issues loan for the first time in 10 years.
Not to Elio, but at least the program is alive.
https://www.reuters.com/business/autos-transportation/exclusive-us-energy-department-set-loan-gm-battery-joint-venture-25-bln-2022-07-25/
They announced it back in September of last year. It did go up to a dollar or so.
RE:"others executed" they are no longer with us.
Well, there's ElectraMeccanica but some other hasty starters of the past decade have gone out of business.
I hope they're promoting Eliocoin to wealthy Southerners, is all I'm saying.
There might be some resistance elsewhere.
What if GM Shreveport closed because locals pushed out the last engineer?
What if the locals would like all the "workforce" to go to Detroit?
Suppose they don't want engineers locating there while they are able to start a family unless they are Old South, and I doubt Shreveport had a thriving community of engineers.
I recall someone saying somewhere that when the last one leaves, they were going to have to close up shop. Suppose something like that happened to GM Shreveport?
I have no firm evidence of any of these idle speculations but I do hope that if our leaders haven't completely given up, they are considering going somewhere besides Shreveport because the location could be the issue.
Or, sell to Mexico or Canada.
What if Elio designed an investment vehicle such as a cryptocurrency which was sized so that any successful small business owner from the South could pick one up? Then you could advertise it there. After all, if the company ever opens, it will bring some money into the local economy.
Maybe the South could be the source of additional investment. Maybe they could figure out some likely sources of capital and design a vehicle to get it.
Zero evidence they can't get the investment they need. Then in your own post you reveal you know they're a few hundred million in debt. Are you reading what you're writing?
Those makers you mentioned are a mere trickle compared to the big three. Rivian? Lucid? Really?
It's embarrassing how you think you're in charge. It was a great idea that had trouble attracting funding.
I still think the company should either find a Mexican buyer or try to set up manufacturing under the present management in Mexico. Whether buyers are turning away from American cars or it's hard for outsiders to get established in the deep South, either way it would get better in Mexico.
BMW is not a shaky startup.
Just speculating there might be something cultural holding us back. I don't have all these specifics. I wanted to fish around for if the forum knew anything and then we could have a speculative discussion. I had heard they can be a little protective of the land and think it belongs to the people who fought for the Confederacy
There's probably not a lack of engineers. Although you might get one who ignores signs of a major terrorist attack until it happens, then he might start two major land wars in Asia trying to save face and costing the country trillions as well as motivating countless potential terrorists by turning one of the countries involved into a bloodbath by mismanaging the occupation, all because he has his job because his family is old South.
So now you're saying they DO need capital.
Some people just like to argue, I guess.
Maybe the hurdle is big finance prefers to fund ethnofascism as little as possible.
Last time they listed, how much did they need???
I see you like simple answers and there is little point in trying to have a speculative discussion about what might be going on.
The companies you mentioned probably had their own seed capital.
Would you say there's definitely enough engineers available locally anywhere there's people?
Do you know if maybe the foreign firms have to have some degree of reliance on people from their own countries?
Do I have to have absolute, stupid-simple proof just to raise the question?
And why do you compare my suggestion that there may be unused space or a building Ford wants to rent out to the notion that another company could build and equip us a new plant for free?
Those companies don't need startup funds from the government. I don't think the government is embargoing the South like it was Cuba. Those companies also have plenty of their own engineers.
They have stopped assembling Taurus in Chicago so there may be unused space.
Why are we still on American car buyers boycotting cars? I merely said it occurred to me a few years ago, and I no longer think so.
I suggested Mexico, that means I'm committed???? For all time???
It had occurred to me the patriotic American car buying segment was mad at auto assembly workers for kneeling during the anthem, and they were not cooperating with American car companies for a while.
I decided it may not be so.
They are no longer building Taurus in Chicago so there may be an unused plant.
Unless stopped by ethnofascism.
Elio should get in to the former Ford Taurus assembly plant in Chicago.
It could be that GM left Shreveport because of the location.
Sometimes people in the South view the land as theirs and don't want anyone settling permanently.
It may have been difficult to keep manufacturing engineers in the place.
The hangup may be that no one wants to try to move their family to Shreveport to work.
Gas-powered ElectraMeccanica would cost half its $18,000 price. Many would find it more practical.
The SP crashed when DT got elected. Maybe the company's business model was counting on some help from the government which was far less likely under DT than Obama or Hilary.
Obama revived GM and Chrysler, then seemed to keep them alive until out of office.
A skeptic might wonder if they had them make Impala and Malibu a little too good so they'd be unprofitable to build. Impala used to be a 30 year old value platform based on Lumina before the restructuring. Then they make it catch up to Camry in one design cycle and give it beautiful styling to boot.
Maybe they were given enough assistance to stay alive until the end of Obama's term in office.
Maybe now it is more likely that new manufacturers could get a little help.
Pay them in stock. Not much needs doing at this point so it wouldn't be a full time job.
Ouster Elio. Hire a Management Guy for CEO.
there, now everyone can read the headline.
The company needs someone with management training and experience.
The rest of the board and the major shareholders should vote to ouster Paul Elio as the head of the company. Someone with business experience relevant to manufacturing startups should be hired.
What can we do as minor shareholders? How to reach the holders of the Eliocoin presale coins? Who's got the power to vote?
Maybe if we just floated the suggestion and got Paul to hire a business advisor or something.
By KSLA Staff | July 10, 2017 at 2:10 AM CDT - Updated July 27 at 2:40 AM
Come on, everybody! Mexico! Mexico! Mexico!
Let's chant until they hear us!!!!
When these guys borrowed money, were they already committed to Shreveport? Did they say they were committed or flexible? Did it come up at all? Perhaps the lenders hoped the plan would change.
Please give some thought to whether there might be a boycott of American car manufacturing afoot.
Perhaps you might do a better job of discovering why there is a seeming boycott than myself. Remember, they've known for a long time that domestic auto production was not profitable.
Perhaps they might realize we need to go to Mexico or Canada or Brazil. Big investors might start stepping up.
I've written to them a few times already. They know I think there's a boycott and they know I can only speculate as to why.
C change is an eggcorn — a word or phrase mistakenly used because it sounds like the correct term. “ Sea change ” originated in Shakespeare’s play “The Tempest,” which was written about 1610.
Subprime lending caused boycott. Shreveport's probably half redlined.
The subprime lending crisis is thought by some to have caused the Great Recession.
Subprime lending was done in areas formerly "redlined" by banks.
Areas were marked out on a map in which banks just didn't lend. Then there was political pressure to change the laws and Carter, then Clinton made it impossible not to lend to those areas. However, they were allowed to charge a subprime rate.
Perhaps banking and big finance feel that the ghetto behaved irresponsibly because the ghetto believed that the government would bail them out. Perhaps the banks want to punish the ghetto.
We can't sell stock now because the price has fallen too low. If they issued more shares and sold them, they'd get 1/100 of what they hoped to sell the shares for during the reg. A IPO, which was $50. Shares are hovering below 50 cents now.
Elio hoped to do the STO so he could sell shares to accredited investors. He hoped educated, skilled, informed, and connected investors would be better able to see the value in the company instead of wanting to pay what shares were already worth.
But, these investors probably lost great sums due to the great recession and probably would like to see the ghetto punished by a boycott of American made cars.
Going to Mexico to manufacture Elio might revolutionize our prospects of getting any funding from an STO.
What if it's a sea change rather than a boycott?
Doesn't it matter whether we're facing a boycott?
This company can't afford to lose the business of the working poor even though some upper middle class folks may buy them for a spare car.
As Jonah Goldberg pointed out in his book Liberal Fascism, the poor can often be more fascist and racist than the rich.
You keep making this about me. You could at least try to consider the notion that a large part of our potential customer base may be boycotting "Shreveportians."