Production start again pushed back for Elio
SHREVEPORT - The start date for production of a new three-wheeled vehicle at a plant in Shreveport has been pushed back - again.
Production at Elio Motors had been slated to start by March 2015. Now, it is expected to begin in first half of 2016.
Founder Paul Elio Paul Elio made the announcement Thursday. Elio again blamed production delays on lack of funding.
Elio says he's raised more than $65 million in capital so far, but he needs $230 million more to begin production.
Meanwhile, the startup automaker still is taking advanced orders for the car. Elio says more than 38,000 reservations have been made so far. He will continue to take reservations while production dollars are being nailed down.