Elio Motors has confirmed its status as one of the standout new entrants to the automotive industry by being named as one of the Los Angeles Auto Show’s 2015 Top 10 Automotive Startups.
The car brand will now be featured at the Connected Car Expo (CCE) on November 17 in Los Angeles.
The CCE Advisory Board chose the companies featured on the Top 10 Automotive Startups list based on vision, innovation, unique perspective and the likelihood of technology adoption and success.
Elio was the only automaker to make the list, which was chosen by an advisory board consisting of senior executives from companies including AT&T, Google and Microsoft.
CCE Conference Director, Andy Gryc, said Elio Motors and other companies named in the Top Automotive Startups list were helping to change the future of transportation.
“The startups being honoured as this year’s Top 10 are truly innovative and are enhancing the automotive and tech industries to change the future of transportation,” he said.
“We’re excited to introduce these companies at CCE in front of our audience of media, industry experts and automotive thought leaders.”
Elio Motors was founded in 2008 by Paul Elio, who had a vison for a three-wheeled automobile that would provide an economical and environmentally friendly transportation alternative.
The company’s three-wheeled model is currently being developed and will feature an 8 gallon fuel tank, fuel efficiency of 84 miles per gallon (highway) a top speed of 100mph and a 672-mile range, at a cost of $6,800.
The release date for the three-wheel prototype has been set for late 2016.
The company hopes that funding will be achieved through its equity crowdfunding campaign, which was launched on June 19 – the first day the new Reg A+ exemption became actionable.
Since its launch, the campaign has garnered in excess of $45m in indicated interest that has been registered on the crowdfunding platform StartEngine. The company is waiting for regulatory approval to commence the investment process.
Elio Motors also used CrowdfundX to help manage the crowdfunding process, which so far has 9720 reservations for the new three-wheel model, with an average of $3600 per reservation.