I noticed that myself. It's the kind of thing that happens when announcements are made by computer people rather than engineering people. Unless IAV has made a major redesign, the engine still uses a timing chain.
from "November 4, 2016 Answers to This Week’s Questions" on the ElioMotors.com home page:
"What are the details of theElio engine?
The 3 cylinder Elio engine is an inline, liquid-cooled, fuel-injected, interference engine. We are using a timing belt to optimize the engine’s reliability. Not only that, our engine is designed with sequential fuel injection to deliver the fuel, which helps improve our gas mileage!"
I hope this is a mistake from some misinformed marketing moron! All of the engine photos I've seen to date clearly point to an internal lubricated timing CHAIN. Timing belts are not nearly as reliable and will lead to catastrophic engine damage in an interference engine when they break. It's just a matter of time! Yes, they can be replaced preventively, but the '90s are over.
Welcome to the forum, Fredio, from a Hazzard County neighbor! (Don't forget to vote! )
Current opinion is it's likely a misstatement by a marketing-type at Elio. The engine will have a timing chain.
That said, you may have been asleep since the ninety's. Yes, timing belts were not as reliable as claimed when they were first widely used (60k actual vs 100k claimed), but experience and technology have greatly improved. Now they really are good for well over 100k miles just like chains. And while not trivial, they sure are easier to replace than chains. Cheaper too. Replace them when the owner's manual says to (or sooner) and they will never be the failure point.