Elio Motors has raised $22 million in a crowdfunding campaign to fund production of 25 prototypes of its high-MPG trike, the company has announced.
The company began the initiative through StartEngine.com on June 19 and is now only $3 million dollars away from its $25 million goal. The funds would also cover testing and validation for the three-wheeled vehicle. The crowdfunding initiative has averaged nearly $1 million in expressed non-binding interest per day.
The Elio, the company's flagship vehicle, is expected to sell for $6,800 and reach up to 84 miles per gallon. It will feature a purpose-built engine developed by IAV and a production-level transmission from Aisin. The Elio emits one third the carbon-dioxide emissions of the average vehicle, according to their crowdfunding campaign site.
The company has already taken approximately 45,000 reservations for the vehicle. Production will take place in Shreveport, La., at a former General Motors plant.