PHOENIX, May 17, 2016 /PRNewswire/ -- Elio Motors, Inc.
(OTCQX: ELIO), the startup vehicle manufacturer planning to launch
a three-wheeled vehicle that will get up to 84 mpg with a targeted
base price of $6,800, today announced
that it has signed a Letter of Intent with Linamar Corp, one of the
auto industry's leading powertrain development and production
companies.
Under the agreement, Linamar will partner with Elio for the
manufacturing of the Elio motors for Elio, as well as for engines
for global use in the automotive, marine and industrial
sectors outside of the US. The powerful, highly fuel-efficient
0.9-liter, 3-cylinder engine, which Elio Motors developed with
partner IAV, could have applications far beyond the company's
initial vehicle. The engine is expected to achieve up to 84 mpg,
yet still reach speeds of more than 100 mph.
"Elio Motors has developed an engine with a rare blend of power
and fuel efficiency that could have significant market potential
beyond powering the Elio," said Elio Motors founder and CEO
Paul Elio. "Linamar will use
its global presence and access to international manufacturers in
automotive, marine and industrial markets to identify other uses
for our engine and open up potential additional revenue for our
company."
Linamar also will be a component and sub-system supplier for
Elio Motors' other driveline and chassis systems in North America. They will collaborate with Elio
Motors to create engine manufacturing capabilities at the Elio
Motors' assembly plant in Louisiana to support the high-volume
production of the Elio engine.
"We are excited about partnering with Elio on this important
engine project, " said Linda
Hasenfratz, CEO of Linamar. "Not only does this give
us great penetration into ultra-high mileage vehicles, it also
gives us a chance to sell this highly efficient engine to a variety
of markets and customers."
"Elio Motors is the first startup vehicle manufacturer to
develop its own internal combustion engine in the automotive
industry in more than 60 years," said Gino
Raffin, Vice President of Manufacturing of Elio Motors.
"We're looking forward to working with Linamar to
manufacture the engine in our Shreveport facility as we move it toward
commercial production."
About Elio Motors
Founded by car enthusiast Paul
Elio in 2009, Elio Motors Inc. represents a revolutionary
approach to manufacturing an ultra-high-mileage vehicle. The
three-wheeled Elio is engineered to attain a highway mileage
rating of up to 84 mpg, while providing the comfort of amenities
such as power windows, power door lock and air conditioning,
accompanied by the safety of multiple air bags and an aerodynamic,
enclosed vehicle body. Elio's first manufacturing site will be in
Shreveport, Louisiana.
About Linamar Corporation
Linamar Corporation (TSX: LNR) is a diversified global
manufacturing company of highly engineered products powering
vehicles, motion, work and lives. The Company is made up of 2
operating segments – the Powertrain/Driveline segment and the
Industrial segment, which are further divided into 4 operating
groups – Machining & Assembly, Light Metal Casting, Forging and
Skyjack, all world leaders in the design, development and
production of highly engineered products. The Company's Machining
and Assembly, Casting and Forging operating groups focus on
precision metallic components, modules and systems for engine,
transmission, driveline and body systems designed for global
vehicle and industrial markets. The Company's Skyjack operating
group is noted for its innovative, high quality mobile industrial
equipment, notably its class-leading aerial work platforms and
telehandlers. With more than 24,000 employees in 57 manufacturing
locations, 6 R&D centers and 21 sales offices in 17 countries
in North and South America,
Europe and Asia, Linamar generated sales of $5.2 billion in 2015. For more information about
Linamar Corporation and its industry leading products and services,
visit www.linamar.com or follow us on Twitter at @LinamarCorp.
Forward-Looking Statements
Certain statements in this press release are "forward-looking
statements." These statements involve risks and
uncertainties, and the Company undertakes no obligation to update
any forward-looking information. Risks and uncertainties that
could cause actual results to differ materially from planned
operations include, without limitation, delays in receipt of
adequate financing, delays in commencement of production, decreased
consumer interest in the Company's products, downturn in general
economic conditions, increased production costs and availability of
raw materials, competition, and unfavorable market and regulatory
conditions, all of which are difficult or impossible to predict
accurately and many of which are beyond the Company's
control. Readers are referred to the Company's periodic
reports filed with the SEC, specifically the most recent reports
which identify important risk factors that could cause actual
results to differ from those contained in the forward-looking
statements. The information contained in this press release
is a statement of the Company's present intentions, beliefs or
expectations and is based upon, among other things, the existing
business environment, industry conditions, market conditions and
prices, the economy in general and the Company's assumptions.
The Company may change its intentions, beliefs or expectations at
any time and without notice, based upon any changes in such
factors, in its assumptions or otherwise, and it undertakes no
obligation to revise or update publicly any forward-looking
statements for any reason. The cautionary statements
contained or referred to in this press release should be considered
in connection with any subsequent written or oral forward-looking
statements that the Company or persons acting on its behalf may
issue.
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SOURCE Elio Motors