To be clear, reference this previous 'Goofyone' post #8. :
http://elioowners.com/threads/caddo-parish-commission-may-20th-2014-meeting-minutes.1537/#post-24452
More good stuff: [
http://www.caddo.org/AgendaCenter/ViewFile/Minutes/05202014-241]
Mr. Elio also stated that the Elio Motors project is more about creating American jobs and
reducing the trade deficit. He feels that this is what drives people to take the risk. Mr. Lichter stated that
the car is “cool”, but the price and the gas mileage is what “reinforces it”.
There was discussion about the financial side of the project.
Mr. Elio stated that there are
currently nine non-diluted sources of capital for the company. He stated that they have been in
conversation with “the big guys” to sell the equipment that is not needed, which will net approximately $70
million. This will pay off the liens for the other half of the equipment, leaving Elio Motors with a fund
balance of $40 million to use toward the start of the hiring process for the site.
Mr. Elio talked about ATVM (Advanced Transportation Vehicle Manufacturing), which is a
DOE Program that was implemented by President Bush, continued by President Obama. This program
helps fund manufacturers that create fuel-efficient vehicles. Mr. Elio further explained that they have more
than $16 billion to loan out and they are currently actively seeking applicants. He also said that Elio
Motors has completed their ATVM application, but is having someone to review it before it is submitted.
He also requested letters of support from the group to present it with the application.
Answering a question from Mr. Thibodeaux, Mr. Elio stated that they are requesting $200
million from the ATVM Program.
Mr. Elio further talked about CAFÉ Credits and Greenhouse Gas Credits. He stated that
TESLA breaks even on their cars and makes a profit on these credits. Mr. Elio then decided to run a
simulation of how much revenue these credits would generate. Elio Motors would generate $600 million
annually in sellable credits. The only issue is that the Elio does not qualify because by definition, it is
considered a motorcycle and not a car.
Mr. Elio stated that they are currently working on changing the law
to define the Elio as a car, not a motorcycle to qualify for these credits. They are anticipating to have this
completed by the end of this year. He also stated that companies out there that are willing to pre-buy Elio
Motors’ CAFE Credits if the law is changed.