Elio Motors Adds World-Renowned Roush as Lead Engineering Partner on Blue-Chip Auto Supplier Team
Roush's auto racing, performance expertise expected to add refined driving experience to vehicle's efficient, low-price value proposition
PHOENIX, March 9, 2016 /PRNewswire/ -- Elio Motors, Inc. (OTCQX: ELIO), the startup vehicle manufacturer planning to launch a three-wheeled vehicle that will get up to 84 MPG with a targeted base price of $6,800, today announced it selected global leader Roush as its lead engineering partner.
"Roush is an iconic name in the auto industry with a proven track record of success," said Paul Elio, founder and CEO of Elio Motors. "We've already assembled a great team of suppliers, but adding Roush's leadership and expertise is a home run for us. Suppliers of their caliber can pick and choose with whom they work. It is rare for a startup like us to attract a world-class supplier network like we have. Roush is a great addition to that team."
Detroit is still the global capital of the auto industry and Roush sits at its epicenter. The company has a vast array of talent and expertise that will help provide a quieter, smoother vehicle with refined driving characteristics, with the ultimate goal of ensuring a high level of customer satisfaction in commercial production.
"We chose Roush to be a key supplier partner because of the breadth and depth of their automotive development expertise," Elio said. "Roush has a proven history and will streamline our process by providing engineering, testing, prototyping and assembly support under one roof. Technology companies across the globe have recognized that Detroit remains the center of automotive innovation, and in that arena Roush's engineering and integration capabilities are unparalleled. "
In addition to bringing Roush on board, Elio Motors has been aggressive in pushing toward production of its Elio vehicle in other areas:
- In November 2015, the company introduced the P5, its fifth generation prototype, featuring a 0.9 liter, 3-cylinder engine built by IAV specifically for Elio Motors.
- On Jan. 12, Elio Motors announced it will begin building its E-Series of prototype vehicles for testing and engineering purposes.
- On Jan. 20, the company launched its first national advertising campaign to help create additional awareness and generate more vehicle reservations.
- On Feb. 12, Elio Motors reached 50,000 reservations for a place in line to buy the vehicle.
- On Feb. 19, Elio Motors became the first organization to raise capital using Regulation A+ and then have its shares (OTCQX:ELIO) publicly traded on the OTCQX Best Market.
About Elio Motors
Founded by car enthusiast Paul Elio in 2009, Elio Motors Inc. represents a revolutionary approach to manufacturing an ultra-high-mileage vehicle. The three-wheeled Elio is engineered to attain a highway mileage rating of up to 84 MPG, while providing the comfort of amenities such as power windows, power door lock and air conditioning accompanied by the safety of multiple air bags and an aerodynamic, enclosed vehicle body. Elio's first manufacturing site will be in Shreveport, Louisiana.
Roush, a full-service product development supplier headquartered in Livonia, Michigan, has over 4,000 employees in facilities located throughout North America, Europe and Asia. Widely recognized for providing engineering, testing, prototype, and manufacturing services to the transportation industry, Roush also provides significant support to the aerospace, defense and theme park industries.
Roush is a subsidiary of Roush Enterprises, Inc., parent company of Roush Fenway Racing; Roush Performance, developer and manufacturer of performance vehicles and products for the automotive aftermarket; and Roush CleanTech, developer and manufacturer of propane-powered trucks and vans for the fleet vehicle market. For more information please visit www.roush.com.
Certain statements in this press release are "forward-looking statements." These statements involve risks and uncertainties, and the Company undertakes no obligation to update any forward-looking information. Risks and uncertainties that could cause actual results to differ materially from planned operations include, without limitation, delays in receipt of adequate financing, delays in commencement of production, decreased consumer interest in the Company's products, downturn in general economic conditions, increased production costs and availability of raw materials, competition, and unfavorable market and regulatory conditions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. Readers are referred to the Company's periodic reports filed with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The information contained in this press release is a statement of the Company's present intentions, beliefs or expectations and is based upon, among other things, the existing business environment, industry conditions, market conditions and prices, the economy in general and the Company's assumptions. The Company may change its intentions, beliefs or expectations at any time and without notice, based upon any changes in such factors, in its assumptions or otherwise, and it undertakes no obligation to revise or update publicly any forward-looking statements for any reason. The cautionary statements contained or referred to in this press release should be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on its behalf may issue.
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SOURCE Elio Motors
Released March 9, 2016