The reservationists that saw this coming late in the prototyping stages were called Trolls, even though we still had limited hope that he could actually build a running, screaming around the test track that reservationists could test drive, rather than test sit. After following enclosed three wheeler concepts for 15+ years, I’ve come to the conclusion that there is no proven market appeal/demand in the USA that justifies the production scale needed to make it affordable for the average guy. May as well buy an affordable ($20K range) sub compact car or pickup with a safety rating that’s functional in all climates……….no motorcycle endorsement required in any State.
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Elio's time has come again?
- Thread starter DScott
- Start date
The reservationists that saw this coming late in the prototyping stages were called Trolls, even though we still had limited hope that he could actually build a running, screaming around the test track that reservationists could test drive, rather than test sit. After following enclosed three wheeler concepts for 15+ years, I’ve come to the conclusion that there is no proven market appeal/demand in the USA that justifies the production scale needed to make it affordable for the average guy. May as well buy an affordable ($20K range) sub compact car or pickup with a safety rating that’s functional in all climates……….no motorcycle endorsement required in any State.
dbacksfan81
Elio Aficionado
One says Day 1 Miles 0. Judging by the shirts they are wearing it's a reference to an annual bicycle tour in Tucson.
RSchneider
Elio Addict
Remember, Paul took a massive gamble back in the end of 2012 and that set up for the downfall of the company because it drown in debt. That was taking out a $26M loan and the $250K/month for the plant lease. When Elio defaulted right out of the gate, all of a sudden it was 18% interest on the loan and fine/penalties on missing those payments. When funding did come in, those people had their hands out because he had to pay them or lose the things that showed they were legit and could build it. When that $7.5M fine came rolling in because the 1500 jobs never materialized, it was icing on the cake. Then all of those convertible notes, that was a day of reckoning down the road.
Literally, all non refundable reservation money went to that plant and equipment. None was ever used. Elio raised $110M and spent $36M on the car. The rest went to everything else. Literally, 1/3 was just for the product. Those SEC filings killed the company because every investor seen what was happening. Up until that point, Paul did a great job of fooling everyone. After that, it was just damage control until Elio closed up shop.
Three wheelers just don't sell good anywhere unless you are in India or somewhere in Asia. They are known as the base junker. If they couldn't sell them for less than $5K at the time, Elio has no way of doing his at $6800. Arcimoto found out the hard way of crossing the production finish line, getting it certified and having them out on the street, was not a recipe for success. They cut corners to get to that point and the same with Solo. Both cost the companies dearly and both are done.
Elio knew they needed the optics of looking like production was around the corner to keep the reservation coming in. The clock ran out on that and thus, it was a great exercise. Many people made lots of money and have moved onto their next adventure.
JohnJ
Elio Addict
Your analysis is impressive! If it is accurate, it sounds to me like at some point there was a conspiracy to defraud. I'm no lawyer, but that also sounds like a crime for which the conspirators should be called to account.
RSchneider
Elio Addict
Read the SEC filings in depth. It shows it was never going to work. I have discovered that people don't read the details and just go by the mantra that a miracle will happen. Thus they keep investing. Welcome to the world of a serial entrepreneur. There's a reason why they are millionaires and the rest of us are not. Hari and Paul both are and living the good life off of their dreams that never pan out but raise enough money to give them a good paycheck. Paul told all of us he was making $250K/year. Remember that? Of course you don't, it was buried deep in the SEC filings. All legal too. Zero fraud, just people are either lazy or wear rose colored sunglasses and ignore the facts the company presented all of us.|
There are many others like Elio. It's that you just got to see it and then look at their past. If you wonder why Paul has been so quiet and under the radar, it's because he needs time for the next adventure. He tried to become the Costco of EV's but I noticed that went quiet too. What should we suggest for him to do next? We all know he checks out on the only website devoted to him. He even gave up on his own website.
LillyMayPatterson #1685 & #5648
Elio Addict
Hari? Was that that the guy's name who funded Elio in the beginning? Wasn't he involved in a hover building renovation, that didn't pan out? And the renovation of the Goodyear Property in west Akron? And the big ass monster jeep thing, that turned out to be built from mostly plastic? A guy I worked with at the steel mill bought one of those. I had a look at it and was deeply disappointed. 'Welcome to the world of a serial entrepreneur.' Well, that hurt. What was his last name?
Hook, line & sinker, I was all in.
Hook, line & sinker, I was all in.
JohnJ
Elio Addict
I was all in too. At least I made the right decision when my wife and I talked about buying stock in Elio. I remember I said we should wait until we saw the first production car. Lucky we did. The disgusting thing is, not that we lost $1,000, but that the Elio was a great idea.
dbacksfan81
Elio Aficionado
That was Stuart Lichter, he was sued for misuse of funds, $36 million dollars in the Hoover building project. Settled out of court in 2018.
JohnJ
Elio Addict
By chance I happened to catch my wife wearing this as she gets ready for bed. The most expensive t-shirt we ever bought.
