Q&A questions by Silas Sunday. These were asked by the Town Hall attendees and answered by Paul Elio:
Q. Can you share how much of the $200mil has been raised?
A: Applied for Advanced Technology Vehicles Manufacturing (ATVM) loan. There are two other things equal in magnitude. Really big things we just can't talk about right now.
Q. Have they responded yet to the loan application?
A. No they have not. What really happened, we uploaded the data a month ago. Believe it or not when you do a 185 million dollar loan application and it's all online you cannot talk to anybody. And the very last check box is, are your finances audited? And if you say no, you cannot apply. And we didn't have audited financials. So I called up Stew and said, "Who do you use for an auditor?"; so he got me in touch with his auditor, we retained them and it took them a month to get our financials audited. Then we were able to click yes. So they have been looking at our data since we updated it although it wasn't officially applied since yesterday. I got some insight that they like the application.
Q. What is the status on the IAV Motor?
A. All parts are in and are waiting for CNC shop.
Q. Has an AMT product been selected, If so who is it?
A: No, still in discussions.
Q. Can the AMT be flat towed in neutral?
A. Yes, it's a standard transmission. That's something that came up in the tour that people didn't know. You actually get better mileage in our automatic than our standard. Because it's a standard transmission both ways, and one way there's a computer shifting and the other way is a human being.
Q. Single or Dual Clutch AMT?
A. Single.
Q. Will the ESC be built here in the U.S.?
A. Yes, in Alabama.
Q. OBD, Which version will be available: 1 or 2?
A. Doesn't know if a decision was made yet.
Q. Suppliers, what is the current balance, how many are U.S. based?
A. Have been running at about 90% North American content. We are struggling with AC. We may have to offshore AC, if we do I think we're going down to 85%, air conditioning is a big part of the total cost of the vehicle.
Q. Rumor has it, funds have been received for the 25 E models?
A. Waiting on next round of funding. Then will pickup 25 prototypes. There has been an enormous amount of progress in Elio Motors in the last 60 to 90 days and almost none of which I can share publicly unfortunately. I'll ruin good opportunities if I talk about it.
Q. Will the wheel coverings be black accented?
A: Yes
Q. What is the first year projected units?
A. Line one will run at 70% speed and then in 45 days bring line one up to 100% which equals 500 vehicles a day. Then split that team in half and run both shifts at 70% speed and that takes another 45 days to get both lines up to 100% for 1000 units a day.
Q. When will you start being physically in Shreveport factory?
A. Getting ready to liquidate the equipment we don't need, which will make room to make it easier to move and identify what we don't need, but there are multiple options in terms of mathematical value is why we haven't done that yet. We're far enough it just depends if these negotiations pan out whether we go right or left, as soon as we finalize one of those deals you'll start seeing some action in Shreveport. It could happen as soon as a couple of weeks if it goes one way or a couple of months if it goes the other way.
Q. For those of us that want to increase HP, how simple will it be?
A. Well I know for a fact that the engineers at IAV are working on a turbo. That product is not sanctioned by IAV or Elio but they are just excited and are doing it. When Camou presented the engine machining line, they were going through each stage and they said "and we left a hole here in case you want to do a turbo, now it doesn't cost anything to leave a hole, but we just thought we would leave it there in case you might want to do a turbo." I think there's a turbo in the future but not model year one. We just got to launch this start.
Q. Can the engine HP be increased.
A. Yes. By allowing bi-directional communication so instead of having to buy a chip and be super sophisticated you could buy an app and do it.
Q. How many units will be produced for the marshalling centers?
A. I believe the first year we probably won't even use the marshalling centers, we'll already know where all the vehicles are going.
Q.EMOA members are starved for more information; is there anything more you can share with us?
A. The last 90 days we have made tremendous progress and it's all invisible and so I'm sure it makes your job a lot harder. And so far people have been patient with us and hopefully we'll turn that corner and share some good information again. I don't think you'll have to wait that much longer.
Q. Will there be an option to upgrade to a power steering.
A. We have package protected for electronic power steering. If you hydraulic it's a whole different thing. So if you do electronic power steering, it's an electric motor that mounts onto your steering column. This steering column accommodates that and we have the package space for it.
Q. May we order color samples of your seven colors?
A. We haven't finalized the pigment colors yet?
Q. Will there be an option to have the black body panels color match the body paint?
A. So we're doing an option architecture, right, so we are making the vehicle one way and we are encouraging others to come in and if there is demand for that. There will be someone to come up with and sell those.
Q. Interior accents?
A. Right now the body panel accents that are on the P4. Those are planned. Because I like the matching color on the dash to match the outside. So that will happen for sure. The dash inserts we've tried to design them so you can swap that out so if you want to do wood or something we are going to try and accommodate that.
Q. How close are you to reaching the $6800 and 84mpg?
A. Right now if we launched today we are at $7300 and 81mpg. So I'm keeping everyone's feet to the fire pushing towards $6800.
Q. Side view mirrors, can they be replaced with rear view cameras and don't they add to the drag?
A. Write your congressman. Per the federal government we have to have side view mirrors, that's the law. Other manufacturers have tried to get that changed unsuccessfully.