Elio Motors CEO Paul Elio acknowledges his company won’t hit its July job-creation deadline, but The Shreveport Times reports Elio remains “very confident” the company will build its three-wheel vehicles in Shreveport’s former GM Plant.
The company faces a deadline this summer to create 1,500 jobs or face a possible financial per-job penalty from RACER Trust, which was appointed to take over the property in 2011 by the U.S. Bankruptcy court. RACER Trust has the option to extend the deadline.
“Elio Motors has not requested any changes to the terms of its agreement,” confirms Bill Callen, a spokesman for with RACER Trust.
Elio joined Caddo Commissioner Louis Johnson at a Thursday press conference to discuss the automaker’s planned operations at the former GM plant. Though his company hasn’t been able to begin production or hire workers, Elio says his company has addressed funding issues outlined in media reports and in filings with the U.S. Securities and Exchange Commission.
“I feel very confident with what I know today that we’re going to get this off the ground,” he says.
