Elio Motors Passes First Review Phase for DOE Loan

Elio Motors has moved one step closer to getting its new three-wheel car on the road. 

The American company has announced that its application for a Department of Energy advanced technology vehicles manufacturing loan has moved past the first of three phases of review and is now deemed “substantially complete.”

Elio Motors is seeking $185 million to speed up the process of setting up production of the Elio, a three-wheeled vehicle that is supposed to achieve up to 84 mpg and sell for $6,800. If granted, production will start in Shreveport, Louisiana in 2015.

SEE ALSO: Elio Motors Showing 89 MPG Three-Wheeler at 2014 CES

“While this is just one step and there is a long way to go, we are pleased that DOE has moved expeditiously thus far on our loan application,” said Paul Elio, CEO of Elio Motors.  “With a $6,800 sticker price that makes ultra-fuel efficient transportation affordable to the general public, we believe Elio is exactly the kind of American-made innovation that the loan program was designed to foster.”