Elio Passes First Phase for Department of Energy Loan

Owner Paul Elio stands next to Elio Motors' new three-wheeled vehicle. Photo courtesy of Elio Motors.
Owner Paul Elio stands next to Elio Motors' new three-wheeled vehicle. Photo courtesy of Elio Motors.

Elio Motors Inc.’s application for a U.S. Department of Energy (DOE) Advanced Technology Vehicles Manufacturing (ATVM) loan has moved to the due diligence phase after passing the first of three phases of review.

The DOE ATVM loan program supports the production of fuel-efficient, advanced technology vehicles and components in the United States. Elio Motors is seeking a $185 million ATVM loan to accelerate plans to begin production of its enclosed, three-wheeled vehicle in Shreveport, La., in 2015, according to the company.

“While this is just one step and there is a long way to go, we are pleased that DOE has moved expeditiously thus far on our loan application,” said Paul Elio, CEO of Elio Motors. "With a $6,800 sticker price that makes ultra-fuel efficient transportation affordable to the general public, we believe Elio is exactly the kind of American-made innovation that the loan program was designed to foster.”

In 2015, Elio Motors is launching an enclosed, three-wheeled vehicle that will retail for $6,800 and get 84 miles per gallon, according to the company.

For more information, visit www.eliomotors.com.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

The Customer Isn’t Always Right

Not caving to a customer with a blatant agenda may have consequences, especially for a small rental company that relies on stellar Yelp ratings to advertise. But business integrity must prevail.

The Truth Behind Compact Van Depreciation

Why are large van values holding up better than their compact counterparts, and will it last?

Car Rental’s Call to Action on Autonomous Vehicles

The car rental industry has built-in advantages to support a world with driverless cars, but it needs to take the next step in partnering with autonomous vehicle stakeholders.

Job Finder: Access Top Talent. Fill Key Positions.