Elio Motors has announced that development of its fifth-generation prototype (P5) is under way. It will feature a newly unveiled 900cc triple-cylinder engine and manual transmission.
The company's goal is to release a production vehicle by mid-2016 at a price of $6,800 USD and with a mileage of 84 mpg (approx. 2.8L/100km).
"The P5 build is another important step in our march toward production and is the culmination of several important strategic initiatives we have completed or launched in the past several months," said Paul Elio, founder and CEO of Elio Motors. "The completion of our engine prototype, our offering to accredited investors and our recent supplier summit are all excellent examples of the progress we continue to make every day."
The Elio P5 is the first in a series of 26 prototypes (codenamed P5 through P30) that will be developed for a variety of testing and validation purposes. The previous P4 prototype has generated such a buzz that nearly 43,000 people have made reservations for a place in line when the vehicle finally enters production.