Some Caddo Parish Commissioners say they still believe in the future of Elio Motors and the nearly 1,500 jobs the three-wheel auto startup has promised to bring to Northwest Louisiana, despite yet another production delay announced last week.
“I don’t think we need to panic,” Commissioner Michael Williams tells The Shreveport Times. “We need to be cautious, and we need to keep calm and carry on.”
Last week, Paul Elio, CEO and founder of Elio Motors, announced production of the three-wheel Elio has been pushed back for the third time—this time until the first half of 2016. He once again attributed the delay to a lack of funding. While Williams is “cautiously optimistic” about Elio’s future, the commissioner says he still feels the parish administration made a good decision when it comes to the former General Motors assembly plant, which the parish’s Industrial Development Board purchased for $7.5 million in taxpayer dollars and leased to developer Stuart Lichter.
Lichter, in turn, subleased some space in the building to Elio Motors and is assisting the company in setting up operations there. After Commission Ken Epperson held a community meeting Thursday, Elio told reporters he needs roughly $230 million more to start production on his vehicle, which is slated to sell for $6,800. He said he has roughly $65 million. Read the full story.
