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posted by janrinok on Tuesday August 16 2016, @11:08PM   Printer-friendly
from the can-I-touch-one-yet? dept.

Elio Motors has locked in the base price of $7300 for non-refundable reservation holders for their 84mpg 3-wheel "autocycle". Reservations can be made for as little as $100 or as much as $1000 with higher values getting priority delivery when they go into production. The price is above the $6800 target that had been quoted for the last few years, but those who are willing to make a binding commitment to purchase a vehicle can sign an additional online form to knock their price back down to $7000. The locked-in prices will be available until they reach a total of 65,000 reservations (~57,000 have been made to date).

The startup car company is attempting to disrupt the auto industry by producing an efficient, affordable vehicle similar to what VW did with the $1699 Beetle in 1968, but at an even more affordable price (the Beetle cost $11,768 in 2016 dollars)

The vehicle itself, while technically a motorcycle under federal law, is controlled like a car with a steering wheel and pedals. Most states have enacted legislation exempting such vehicles from the extra license endorsements or helmet requirements that motorcycles and trikes normally need. Standard features of the base model include an enclosed cabin with A/C, heat, cruise control and power windows & door lock.


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  • (Score: 3, Informative) by slinches on Tuesday August 16 2016, @11:52PM

    by slinches (5049) on Tuesday August 16 2016, @11:52PM (#388900)

    Yeah, the pricing tiers and reservations are a bit confusing. There are two types of reservations (refundable and non-refundable) and an option to sign a biding commitment for any non-refundable reservation holder, so the pricing options are a matrix that looks like this:

    +-------------------------+------------------------+----------------------------+
    |                         | Refundable Reservation | Non-refundable Reservation |
    +-------------------------+------------------------+----------------------------+
    | No binding commitment   | ??? (not specified)    | $7300                      |
    +-------------------------+------------------------+----------------------------+
    | With binding commitment | NA                     | $7000                      |
    +-------------------------+------------------------+----------------------------+

    Both the refundable and non-refundable reservation deposits are available in $100, $250, $500 & $1000 values. Plus there's a 25% bonus offer for non-refundable reservations (e.g. $1250 toward the eventual purchase at the $1000 level).

    The "binding commitment" feature was added to address changes in the DOE Advanced Technology Vehicles Manufaturing (ATVM) loan program that Elio Motors has applied for. The DOE stated that non-binding commitments were insufficient to show market acceptance from a startup, so Elio is locking in the prices and offering a discount to those who are confident they want to purchase a vehicle if it comes to market. There are more details in this Price Lock-in Announcement [eliomotors.com].

    Starting Score:    1  point
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  • (Score: 2) by slinches on Wednesday August 17 2016, @01:37AM

    by slinches (5049) on Wednesday August 17 2016, @01:37AM (#388943)

    Replying to myself to make a correction to the table. Apparently the pricing scheme even confused me. :P

    +-------------------------+------------------------+----------------------------+
    |                         | Refundable Reservation | Non-refundable Reservation |
    +-------------------------+------------------------+----------------------------+
    | No binding commitment   | $7300                  | $7300                      |
    +-------------------------+------------------------+----------------------------+
    | With binding commitment | NA                     | $7000                      |
    +-------------------------+------------------------+----------------------------+

    That applies to all reservations as long as you get in before they hit 65,000. It isn't clear what happens after that.