Paul Elio just wrapped another Town Hall meeting with a select group of Elio reservation holders. It is a busy afternoon for me however I will post some highlights as I feel like I am leaving you all hanging. I will be back later with more details.
I am sure nobody is surprised to hear that EM financial health took up over half the hour long meeting. Paul Elio basically said that the primary issue they have encountered, which tossed a wrench into the plan, is that the equipment sale has not progressed nearly as fast as they were expecting.
The plan was to have the equipment proceeds pay for the engine and vehicle development while they worked on production funding via the private placement and/or the ATVM loan. What has happened is that it has taken longer to refurbish the equipment and get it out to sale and as a result they have not generated the amount of income at this point that they had been expecting to have. This income was essentially supposed to fund the company this year up to when production begins.
PE also clarified that they do not expect to get $200+ million in one shot and they would not want it all at once anyway as it costs money to get money and nobody, other than the government, would just hand them that much money at once anyway. Instead EM negotiates and receives funding in stages as various milestones are completed. This is why the engine news is so important to them from a financial perspective as this gives them a big milestone to shove off of while seeking another round of funding.
Some other highlight details include:
A/C is not all electric, they explored it however have decided on a traditional engine driven compressor setup.
Exhaust system to be detailed in a future Tech Talk.
OBD-II functionality may not be as crippled as we were previously led to believe. OBD-II connector will have full CAN BUS access thus bypassing the ECU for streaming data access. (This would make compatibility with OBD-II accessories hit or miss, as opposed to not being available at all, as some devices can make use of this information and others can not)
Electric power steering assist is confirmed and can easily be added after purchase.
Credit card financing plan will have minimum payment. Multiplier may not stay at 3x and/or may be variable between say 3x and 5x to allow for average fuel usage to actually cover the monthly minimum.
Initial sequence of engine testing is already more than halfway complete as actually running the engine is a minority component of the initial engine testing sequence. Current engine in testing is using the Flame Spray PTWA liner but not the variable lift system. Variable lift and other tweaks will be added during the next testing sequence however the engine itself could be replicated and run in vehicles even without this system in place.
Enjoy this information for now and I will post more when I have the opportunity.
I am sure nobody is surprised to hear that EM financial health took up over half the hour long meeting. Paul Elio basically said that the primary issue they have encountered, which tossed a wrench into the plan, is that the equipment sale has not progressed nearly as fast as they were expecting.
The plan was to have the equipment proceeds pay for the engine and vehicle development while they worked on production funding via the private placement and/or the ATVM loan. What has happened is that it has taken longer to refurbish the equipment and get it out to sale and as a result they have not generated the amount of income at this point that they had been expecting to have. This income was essentially supposed to fund the company this year up to when production begins.
PE also clarified that they do not expect to get $200+ million in one shot and they would not want it all at once anyway as it costs money to get money and nobody, other than the government, would just hand them that much money at once anyway. Instead EM negotiates and receives funding in stages as various milestones are completed. This is why the engine news is so important to them from a financial perspective as this gives them a big milestone to shove off of while seeking another round of funding.
Some other highlight details include:
A/C is not all electric, they explored it however have decided on a traditional engine driven compressor setup.
Exhaust system to be detailed in a future Tech Talk.
OBD-II functionality may not be as crippled as we were previously led to believe. OBD-II connector will have full CAN BUS access thus bypassing the ECU for streaming data access. (This would make compatibility with OBD-II accessories hit or miss, as opposed to not being available at all, as some devices can make use of this information and others can not)
Electric power steering assist is confirmed and can easily be added after purchase.
Credit card financing plan will have minimum payment. Multiplier may not stay at 3x and/or may be variable between say 3x and 5x to allow for average fuel usage to actually cover the monthly minimum.
Initial sequence of engine testing is already more than halfway complete as actually running the engine is a minority component of the initial engine testing sequence. Current engine in testing is using the Flame Spray PTWA liner but not the variable lift system. Variable lift and other tweaks will be added during the next testing sequence however the engine itself could be replicated and run in vehicles even without this system in place.
Enjoy this information for now and I will post more when I have the opportunity.
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Tick tock tick tock.
