Elio Motors Gets A Big Win In Court
Elio Motors gets a victory in court. Last year the Louisiana Motor Vehicle Commission fined Elio $545,000 for operating without proper licensing.
At the time, it appeared the ruling may have been a death blow to the struggling company, as they had already indicated they may not have enough money to continue moving forward. However today, a State District Judge in Jefferson Parish ruled that the company only has to pay $76,500 of the original fine. Reducing the fine by more than $450,000.
Company owner Paul Elio recently visited Shreveport, where he indicated that his company still did not have enough money to start operation, and were months, at minimum, away from considering manufacturing. During the press conference, he also expressed the company's desire to get into the cryptocurrencies market, as a possible way to raise more funds.
Earlier this year, Overstock.com announced they would be buying into Elio for more than $2 million.