Hyundai Dymos to Set Up Seat Manufacturing Capability at Elio Motors Shreveport, La., Manufacturing Facility
Investment Will Create Jobs, Help Control Elio Motors Costs
PHOENIX, Oct. 25, 2016 /PRNewswire/ -- Elio Motors, Inc. (OTCQX: ELIO), the startup vehicle manufacturer planning to launch a three-wheel vehicle that will get up to 84 mpg with a set $7,300* base price, today announced Hyundai Dymos as its seating manufacturing partner. Hyundai Dymos will set up production capability onsite at Elio Motors' Shreveport, La., manufacturing facility.
The Hyundai Dymos investment in this production capability will help create additional jobs in Shreveport. In addition, it will provide just-in-time seating inventory to Elio Motors, which will help control costs.
"This is another step in the right direction for our company, our future customers and the Shreveport community," said Paul Elio, founder and CEO of Elio Motors. "We are thankful for Hyundai Dymos manufacturing support, its commitment to our long-term success and its commitment to Shreveport."
The move further supports Elio Motors' plan to bring many of its core suppliers into its manufacturing facility in Shreveport. The onsite supplier team helps control costs by reducing inventory and simplifying logistics. In addition, bringing its supplier partners to Shreveport is good for the community's economy.
Hyundai Dymos was launched by Hyundai Motor Group in 1994. In addition to Shreveport, the company has North American operations in West Point, Ga., San Luis Potosi, Mexico, Monterrey, Mexico and Farmington Hills, MI
"Elio Motors is a unique and innovative company, both in their vehicle design and how they interact with their supplier partners," said Randy Baker, General Manager, Sales, Marketing and Quality assigned to Elio Motors. "We are proud to be part of this revolutionary vehicle launch and look forward to bringing onboard new teammates in Shreveport."
The Hyundai Dymos announcement is the latest important step forward for Elio Motors in 2016. Among milestones that the company has achieved recently:
- Raising nearly $17 million through a Regulation A+ stock offering
- Publicly listing its stock on the OTCQX
- Launching its innovative new ePlus mass personalization system, and
- Unveiling its E-Series vehicles, a limited number of engineering vehicles utilized for final testing and validation purposes.
"We continue to move forward with long-term operational planning, vehicle testing and engineering and have made remarkable progress throughout 2016," Elio said. "We are gaining momentum, and gaining commitments from our supplier base to come to Shreveport is crucial to our long-term success."
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.
About Hyundai Dymos
As a member of Hyundai Motor Group, Hyundai Dymos is a global automotive parts manufacturer founded in 1994 supplying multinational automakers with transmissions, axles and 4WD systems. Hyundai Dymos added seating systems in 2004 being fully integrated including mechanisms, structures, foam and other sub-components. Hyundai Dymos has expanded its operations by establishing twenty production facilities globally. The seat assembly and power train production facilities are located in Korea, China, India, Mexico, Brazil, Czech Republic, Slovakia and United States.
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.
*MSRP for non-refundable reservations only and applies only until non-refundable and refundable reservations total 65,000. Total current reservations can be seen at: www.eliomotors.com. MSRP excludes destination/delivery charges, taxes, title, registration, and options/installation.
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SOURCE Elio Motors, Inc.
Released October 25, 2016