Will the Elio 3-Wheel car of the future ever be produced? Today the company is getting a $2.5-million lifeline, from Overstock.com, which is buying shares in the start-up car company.
Elio Motors has been fueled with crowdfunding money, but now is also issuing it's own cryptocurrency to hep put the vehicle into production.
"It is our fondest hope that, once issued and cleared for trading, ElioCoin may trade on the blockchain-based securities trading platform that is in development at (Overstock subsidiary) tZERO," Overstock CEO and founder Patrick M. Byrne said in a statement. He said he sat in an Elio car brought to New York City, where it drew a crowd, and he "was in awe."
ELIO P5 FRONT
Elio launched in 2009 and promised to produce a car capable of delivering a fuel economy rating of 85 miles-per-gallon.
65-thousand put down deposits of between $100 and $1000 on Elio P5's, but the company has struggled financially and is still trying to get its Shreveport LA, production facility running.
ELIO P5 Prototype
The infusion of cash from Overstock.com, may finally put Elios into driveways easing concerns from people who reserved vehicles. If it does go into production the Elio will retail for about $7500 U.S. making it one of North America's most affordable cars.