Elio Motors, an automotive company you have probably never heard of, wants to revolutionize the world of driving by introducing a three-wheeled vehicle that would cost consumers about $7,450.
But the ambitious Phoenix-based automotive startup founded in 2009 has hit several roadblocks on its way to make its dream a reality.
A recent proposed public offering filed on Thursday, first reported by jalopnik.com, revealed that the company is looking raise up to $100 million, and has delayed production and delivery of the cars another year to 2019.
On top of repeated production delays, the company in May stated that it would need $376 million to launch production of the vehicle, and said that it layed off a "significant portion of the engineering, manufacturing, and sales and marketing workforce."
But, a silver lining for the beleaguered startup could come in the form of an IPO, which some speculate would allow the company to restart production of prototypes, thus generating more interest in the car.
"The Elio is still in development, and we do not expect to start delivering to customers until 2019," the filing said. "The Elio vehicle requires significant investment prior to commercial introduction, and may never be successfully developed or commercially successful."
Elio said that it hoped to attain funding from the U.S. government's Advanced Technology Vehicle Manufacturing program but has yet to receive confirmation for the loan totaling $185 million. The loan would prove crucial to the amount of funding needed to meet its proposed timelines.
"If we fail to obtain these loan proceeds within the timeframe needed to support our proposed production timetable or not be funded at all, it is likely we will experience significant delays in our production timetable," the filing says.
The company also issued cautious remarks to anyone thinking of becoming an investor, or looking to purchase the vehicles.
"We have not yet produced or delivered our first vehicle and we have not generated any revenues," it said. "If we do not successfully address these risks, our business, prospects, operating results and financial condition will be materially and adversely harmed."
And you thought Tesla (TSLA) was struggling.
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