Elio Motors Could Be Turning To Bitcoin Next
Ryan Felton
4/16/18 1:29pmFiled to: elio motors
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The last time we checked in with three-wheel budget car startup Elio Motors, it had $4,000 cash left in the bank, and it was attempting to raise $100 million from investors on Wall Street. Adamant that it’s still looking to launch production of the three-seat Elio vehicle in 2019, the company is apparently turning to a new source of very legitimate funding to keep its long-shot dream alive: bitcoin.
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On Monday, I was tipped off to a website—www.eliocoin.com—that greets you with that image you see up top, and nothing else. Is Elio Motors turning to the totally-not-volatile Bitcoin as a way to generate funding? It sure looks like it.
Just last week, a Tennessee-based company named Very LLC issued a press release saying that it’s now one of the nation’s “top 10 blockchain solution providers,” and if you have no idea what the blockchain is, here’s an explainer from our sister site Lifehacker. (Think of it as a transparent digital ledger that keeps track of very real cryptocurrency.)
Buried in Very LLC’s press release on its new prestige is this little nugget:
Recent and current blockchain development clients include BlockMason, a company that builds libraries, contracts, programs, and apps to support the blockchain ecosystem; Gamma, a gamer-powered distributed computing ecosystem that aims to offer an Ethereum-backed blockchain; and Elio Motors, an American automotive company on a mission to build a vehicle that’s both highly fuel efficient and affordable.
Apparently the announcement has been circulating around Elio fanatics for weeks, based on a quick read of the Elio Owners forum. A Facebook and YouTube page have already been made, and the ElioCoin.com page was registered in Elio’s hometown, according to online records, so this thing looks legit, as far as launching an Initial Coin Offering can be legit.
Elio Motors, for its part, had no comment. In a response to an email from Jalopnik, a spokesperson said: “Elio Motors does not comment on speculation.”
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About the author
Ryan Felton
Transportation & Technology Reporter, Jalopnik
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KingTChalla
Ryan Felton
4/16/18 1:37pm
Vaporware and Crypto?! Wow we just hit peak 2018 in the Automotive industry.
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GhostCommuter
KingTChalla
4/16/18 1:46pm
And, by attaching this simple device to your fuel line, you can see a 500% increase in mileage. No wonder the oil companies are trying to ban it!
But don’t worry, you can order one now. Our operators are ready for your call!
(We do not accept payment by bitcoin)
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Benny0407
GhostCommuter
4/16/18 1:50pm
This sounds totally legit and could not possibly be a scam!
/s
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elkris
KingTChalla
4/16/18 1:58pm
They are just skipping all the mundane things, like building a car, and shooting straight for profit. Genius!
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MaximilianMeen
KingTChalla
4/16/18 2:16pm
Needs more autonomous driving to peak.
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Idratherbeonncm
Ryan Felton
4/16/18 2:15pm
Of course they have no comment to Jalopnik, which has been anti-Elio from the beginning. They may not succeed in their efforts, but they have obviously been fighting like hell to get this car off the ground. Between the government’s lack of support while simultaneously supporting unprofitable battery automotive tech, and Jalopnik’s constant bashing, how are they supposed to succeed?
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Miss Mercedes ?? smart Car Hoarder
Idratherbeonncm
4/16/18 3:31pm
They may not succeed in their efforts, but they have obviously been fighting like hell to get this car off the ground.?
But have they, really? I’ve been following them for some years.
The original concept was supposed to take a bunch of existing parts, apply them to a bespoke body, then sell them at an insanely low price. I adored the original Elio concept.
Then for whatever reason, they decided to essentially mothball the entire thing and started over, for the most part ditching the “existing parts” philosophy.
Mind you, this happened before they even had enough money to get the original design off the ground. They further spent money they didn’t have.
Looking at Elio’s SEC filing, they don’t seem to use any logic. In order for the car to have anywhere near the advertised price, they have to sell 60k units in the first year and 250k units in the second year. Ignoring the idea that a brand spanking new company is going to somehow produce and sell 250k cars in its second year, Americans really aren’t interested in small cars anymore either. They would be entering into a market where people don’t mind paying more for more car.
Adding to the company’s money issues, Paul Elio has been paying himself $250k a year with the money of his backers. The salaries of others in this company are also pretty pretty impressive. The SEC filing also shows that even if they had the money to start production, they still need a ton of extra money to start a dealership network, hire dealership staff, and pretty much everything else needed to be a car company.
Between the government’s lack of support while simultaneously supporting unprofitable battery automotive tech...?
That isn’t the government’s fault. Elio continues to pursue a loan meant for EV manufacturers...He shouldn’t be surprised when the government isn’t interested in helping him obtain that loan. Whether he or his believers like it or not, the world is moving towards EVs for the future, not autocycles.
Speaking of which, that’s another reason the government doesn’t want to work with him. He wants the Elio to be a car that’s exempt from car regs also exempt from motorcycle regs too. He loves to brag about the car’s theoretical five star safety rating, yet is too scared to back up his claims?
Elio even managed to piss off the city the factory is in. Elio keeps promising many jobs, yet keeps failing to deliver or make anything that could be called progress.
And, I feel like I have to make this clear. I want the Elio vehicle to succeed...I just wish a different company was behind the wheel. An American Tata Nano-type vehicle can have massive appeal.
However, I also believe that the company is piss poor at money management and think they can scam their way out of doing things the right way. Every day the Elio inches closer to becoming another Dale.
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The_Dirtbag
Idratherbeonncm
4/16/18 4:04pm
Wait, it is a flying car? Thought it was a glorified motorcycle?
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SilverBRADo totaled his beigeslushboxmatrix
Miss Mercedes ?? smart Car Hoarder
4/16/18 4:30pm
Thank you Crazy smart Car Lady (meant with all affection) for writing out what I was thinking, but actually making a good argument that made sense with facts n’shit.
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Miss Mercedes ?? smart Car Hoarder
SilverBRADo totaled his beigeslushboxmatrix
4/16/18 4:39pm
*Bows* ?
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HammerheadFistpunch
Ryan Felton
4/16/18 1:36pm
I want this vehicle to succeed, I’m just not willing to do it with my money...and no one else is either apparently.
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son of a motherless goat (don't star me, i mean it)
HammerheadFistpunch
4/16/18 1:47pm
I agree completely, except for the part about wanting this vehicle to succeed.
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Benny0407
HammerheadFistpunch
4/16/18 1:51pm
I agree with this, inform me when they are actually building cars to purchase, then I might think about buying one.
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Tekamul
HammerheadFistpunch
4/16/18 1:57pm
As much as I liked the idea, the stench of death is strong.
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The-Guy-They-Warned-You-About
HammerheadFistpunch
4/16/18 2:23pm
Is it so bad that I still want a Carver One?
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So Shiney. So Chrome! So Frunky
Ryan Felton
4/16/18 1:39pm
I’m not saying this sounds shady but would anyone be surprised if Elio’s next round of funding comes from the mob or trafficking cocaine?
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TheBlightOfGrey
So Shiney. So Chrome! So Frunky
4/16/18 1:55pm
They can just license their name to be placed on tall buildings. Maybe buy a few casinos to drive into bankruptcy and funnel the laundered money out the back-end to pay lobbyists to have three-wheelers undesignated as motorcycles.
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Mini Mid-life Crisis, formerly Porschebago
So Shiney. So Chrome! So Frunky
4/16/18 2:05pm
That high-pitched whirring sound you hear is John DeLorean spinning in his grave.
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The-Guy-They-Warned-You-About
So Shiney. So Chrome! So Frunky
4/16/18 2:24pm
They could turn to pizza. Elios Pizza seems like a thing....
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tina belcher, burner id lost to history
So Shiney. So Chrome! So Frunky
4/16/18 3:12pm
Why not? Worked for DeLorean...at least insofar as he didn’t go to jail.
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CitronC
Ryan Felton
4/16/18 1:43pm
They are not having any troubles or delays, Elio is just emulating great engineering like Honda and Toyota by going for the NSX and Supra development cycles.
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Benny0407
CitronC
4/16/18 1:53pm
That said, it better be perfect when it’s released, sometime between now and never.
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BrianMadigan
Benny0407
4/16/18 3:16pm
You can have finished or perfect, not both.
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Benny0407
BrianMadigan
4/16/18 3:21pm
Depends on how imperfect we’re talking about then. Is it British Leyland “Good enough”, or more like a Honda.
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BrianMadigan
Benny0407
4/16/18 5:05pm
The sooner you get it, the worse it will be!
In the case of Elio, I don’t think there are any engineers being paid to work on making it better. So all the engineering equations are useless.
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Jillian Lucas
4/01/18 7:49amFiled to: Kinja Deals
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