Elio Motors Legislative Update: 41 States Now Have Autocycle Definition or Motorcycle License Exemption for Enclosed Three-Wheel Vehicles
Rhode Island, New Jersey most recent states to pass 'autocycle' legislation
PHOENIX, July 27, 2016 /PRNewswire/ -- Elio Motors (OTCQX:ELIO), today announced that 41 states now provide exemptions for motorcycle licenses or have enacted legislation creating a new class of vehicle – the autocycle -- for enclosed three-wheel vehicles.
Elio Motors, which is slated to launch an enclosed, three-wheel vehicle with a targeted base price of $6,800 that will get up to 84 mpg, has been leading the autocycle legislative charge at the state and federal level since 2012.
When the company started its legislative push, just 11 states had exemptions for motorcycle licenses to operate an enclosed three-wheel vehicle. Since then, the Elio Motors legislative team has helped pass autocycle legislation in 30 states. Rhode Island and New Jersey became the 29th and 30th states to pass autocycle legislation earlier this summer.
"We've made great strides in helping draft legislation that defines the autocycle category," said Elio Motors founder and CEO, Paul Elio. "Harmonized state and federal legislation not only allows ease of movement across state jurisdictions for autocycles, but it also satisfies one of our key 'Must Haves' of uncompromised safety by defining higher safety requirements than what currently exists in the motorcycle category."
The Elio, because it has three wheels, is currently classified as a motorcycle by the federal government. However, its standard features will include seatbelts, three airbags and automotive-type controls such as a steering wheel, accelerator and brake pedals. The Elio is more like a traditional passenger vehicle than a motorcycle. Therefore, vehicle owners should be able to operate the Elio with a standard driver's license.
"We applaud the work of those state legislatures that have realized new vehicle types require new legislative and regulatory approaches," Elio said. "The autocycle definition is clearly in the best interests of our customers from a safety and convenience stand point."
Currently, there are eight states with autocycle definitions going through the legislative process.
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-wheel 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, cruise control 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, La.
Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing and performance goals, and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in 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. Forward-looking statements are made and based on information available to the Company on the date of this press release. Elio Motors assumes no obligation to update the information in this press release.
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SOURCE Elio Motors
Released July 27, 2016