Elio Motors Delays 3-Wheeler Launch Again

Cash-strapped Elio Motors Inc. is pushing back the planned launch of its tiny three-wheel vehicle from late this year until sometime in 2018, the company says in a Facebook post.

Formed in 2009, Elio Motors originally hoped to launch the three-wheeler in 2014. But the company has struggled to get the project off the ground as it continues to burn through cash.

According to its latest U.S. Security Exchange Commission filing, Elio had $123 million of accumulated debt with just over $100,000 of cash on hand at the end of September. The company had a net loss through the first nine months of 2016 of $35 million, up from $14 million a year earlier, and cautioned that it may have to shut down entirely if it couldn’t raise more capital.

The company introduced its latest E1c engineering vehicle at the Los Angeles auto show last November. Elio has taken 64,000 reservations for the $7,300 vehicle, which is expected to deliver 84 mpg.