Elio Motors, the company that’s been working on an 84-mpg three-wheeler all these years, has finally announced a price: $7300. And it might even be less than that, but there’s a twist:
Since Elio has yet to deliver a single one of its cars, it needs loans to stay afloat and build its creation. In order to prevent more fenders from falling off, a loan from the Department of Energy would offer them support, if the company can meet its guidelines.
The loan agreement specifies that non-binding (i.e. refundable) customer reservations are usually not sufficient, which means the 56,000 reservations the company currently has is not enough to satisfy the DoE.
To get the ever-important boost, Elio has gone ahead and announced official pricing so its potential customers know what they’ll have to pay: $7300. Additionally, Elio stated a number of just $7000 for anyone willing to lay down a full, non-refundable payment. That’s $200 more than previously stated, but still quite the deal for something resembling an actual car.
I don’t think anyone believed the original $6800 price.
Still, it requires a fair amount of faith to put up seven grand without any guarantee that a vehicle will be forthcoming.