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Elio Motors signs MoU with Automotive Fortune 500 OEM to Provide Powertrain; Projects $120 million Research and Development Cost Savings
Elio Motors signs MoU with Automotive Fortune 500 OEM to Provide Powertrain; Projects $120 million Research and Development Cost Savings.
About this update from Elio Motors Inc
[{"type":"text","content":"\n\n\n\nElio Motors signs MoU with Automotive Fortune 500 OEM to Provide Powertrain; Projects $120 million Research and Development Cost Savings\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nElio Motors signs MoU with Automotive Fortune 500 OEM to Provide Powertrain; Projects $120 million Research and Development Cost Savings\nPR Newswire\nPHOENIX, Sept. 27, 2018\n\n\n\nPHOENIX, Sept. 27, 2018 /PRNewswire/ -- Elio Motors, Inc. (OTCQB: ELIO), developer of the ultra-high-mileage, low-cost three-wheel Elio vehicle, announced that they had entered into a memorandum of understanding with a Fortune 500 OEM, to provide the engine foundation as part of a new powertrain for the Elio vehicle. Elio currently projects that the new powertrain will result in $120 million in research and development cost savings. The company is working with the engineering team at Roush to develop a new Elio prototype employing the OEM powertrain.  \n\n \n \n\n \n\"Purchasing an OEM's existing powertrain has an enormous impact on the project, it helps both expedite the timeline, and it directly reduces our capital requirement by about $120 million dollars\", said Elio Motors CEO, Paul Elio. \"This powertrain will also greatly enhance the Elio's performance by nearly doubling its horsepower while still maintaining class-leading fuel economy at an affordable ultra-low price.\"\nRoush will integrate the new powertrain into Elio's prototype in order to begin preliminary testing procedures. These testing procedures will prepare the Elio for production, which will occur at the Elio Motors manufacturing facility in Shreveport, Louisiana.\nThe new powertrain will push the Elio's performance specifications far beyond prior consumer expectations. The engine should offer nearly a 100% increase in horsepower rating when compared to initial Elio prototype vehicles. When combined with the Elio's low curb weight, the new powertrain is expected to deliver excellent driver response and a highly improved acceleration time. Even with the Elio's substantial increase in performance, the advanced technology in t...