Elio may be ready to call it quits. - Smart Car Forums
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post #1 of 51 (permalink) Old 01-04-2017, 06:56 PM Thread Starter
 
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Elio may be ready to call it quits.

Two interesting links near the bottom of the first post in this thread, posted tonight on Miata.net...

https://forum.miata.net/vb/showthread.php?p=8317920
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post #2 of 51 (permalink) Old 01-04-2017, 08:19 PM
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Could the End of Elio Motors Be In Sight?

January 4, 2017

Just 2 months after Elio Motors CEO Paul Elio told the Louisiana House Commerce Committee that production of his 3 wheel automobile would begin in Shreveport by the end of 2017, the company has announced another round of delays and says production will not start until late 2018.

However, according their latest SEC filings, any time frame they give may be a pipe dream. The company has accumulated a deficit of over 123 million dollars as of September 30,2016.

Elio stated this about their financial situation in the filing: ‘These factors, among others, raise substantial doubt about our ability to continue as a going concern. If we are unable to continue to obtain financing to meet our working capital requirements, we may have to curtail our business sharply or cease operations altogether.’

Could the End of Elio Motors Be In Sight?
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post #3 of 51 (permalink) Old 01-04-2017, 09:42 PM Thread Starter
 
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Elio may be ready to call it quits.

GLOVIS' arrival also casts into question the long-promised arrival of Elio Motors but the NLEP claims there is space for both.

"This should not impact Elio Motors in any plans they have because this is part of the facility that was not to be utilized by Elio Motors," Martinez said.


http://www.ksla.com/story/34180796/h...ormer-gm-plant
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post #4 of 51 (permalink) Old 01-05-2017, 12:30 PM
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Originally Posted by MB DNA View Post
January 4, 2017

However, according their latest SEC filings, any time frame they give may be a pipe dream. The company has accumulated a deficit of over 123 million dollars as of September 30,2016.

Elio stated this about their financial situation in the filing: ‘These factors, among others, raise substantial doubt about our ability to continue as a going concern. If we are unable to continue to obtain financing to meet our working capital requirements, we may have to curtail our business sharply or cease operations altogether.’

Could the End of Elio Motors Be In Sight?
Didn't see this coming.... NOT!!!!

The only ones I feel sorry for in this, are the poor folks who got suckered into giving Paul Elio their hard-earned money for a promise that was broken before the ink was dry on the checks...
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post #5 of 51 (permalink) Old 01-05-2017, 06:36 PM
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And now a word from the Former Mayor of Shreveport

Former Shreveport mayor Cedric Glover said those who have purchased reservations for a car, just need to realize it is money lost.

"Going into the fourth quarter this year, they only had $101,000 in cash on hand. So when you think about the actual amount of money that they've been expending, Paul Elio with a salary of over 250 thousand," said Glover.

According to Glover, much of the blame can be attributed to Racer Trust, the company in charge of putting the GM plant to the best use for the community following the bankruptcy. He said the company had an obligation to bring new jobs to the facility following their bankruptcy, and despite companies like Deacon Air Conditioning and Land Rover vying for the production site, the property rests with Elio.

"If you look at Paul Elio from 2009, certainly by the time you get to 2011 and 2012, it's clear that what he is in fact is a dreamer and a schemer. It leads one to ask, what was the actual motivation behind committing these facilities, this equipment to Paul Elio and the Elio operation," said Glover.



As updated a few hours ago . . . Elio Motors further delays production in Shreveport; warns of po - KTBS.com - Shreveport, LA News, Weather and Sports
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post #6 of 51 (permalink) Old 01-05-2017, 06:55 PM
 
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The bell is tolling for them.
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post #7 of 51 (permalink) Old 01-06-2017, 02:20 AM
 
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i'm glad i didn't give them a plug nickel, the money is going somewhere safer, to Vegas next monday
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post #8 of 51 (permalink) Old 01-06-2017, 02:31 AM
 
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Originally Posted by WhiteNBlack08 View Post
Didn't see this coming.... NOT!!!!

The only ones I feel sorry for in this, are the poor folks who got suckered into giving Paul Elio their hard-earned money for a promise that was broken before the ink was dry on the checks...
A friend of mine laid out $1000.00 a couple years ago, to "reserve" a vehicle when production started. I feel bad for him.
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post #9 of 51 (permalink) Old 01-06-2017, 03:37 AM
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A friend of mine laid out $1000.00 a couple years ago, to "reserve" a vehicle when production started. I feel bad for him.
And that's the really sad part. There are a lot of folks who invested in Elio, that knew there was a 90% chance it would never come to anything. They had the money, and didn't mind the risk, or losing it. But for a lot of people, they believed a promise that was made to them by Paul Elio. They will be massively hurt by the fact that they wasted their money.

Of course, I'm sure Paul Elio is sitting pretty in his mansion, a wonderful little nest egg all put aside, paid for by 40,000+ "reservation holders"....

Because of the fine print on the contract Elio created, none of them have any recourse at all...
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post #10 of 51 (permalink) Old 01-06-2017, 05:19 AM
 
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I almost put money down on one years ago, but then I thought - nah - I'll just wait until they actually are sold or until someone gets one, doesn't like it, and sells it. Usually when someone starts collecting money before having a product to give you in exchange, it's a scam. Kickstarter isn't always that way, but it's still a gamble.

-silent
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