While reports last week appear gloomy for Elio Motors in terms of funding support for its breakthrough three-wheel vehicle that offers an extremely remarkable 84 miles per gallon fuel efficiency rating, it seems that the company has finally come through in raising the needed $240 million to mass produce its incredible car.

Digital Trends disclosed that following the successful supplier summit in Michigan recently, Elio Motors subsequently announced that it will build a fifth-generation prototype of the car which it shall call as the P5 soon before mass production begins in 2016.

In January, Elio Motors founder Paul Elio revealed that his company has already raised $65 million of the required $240 million initial capital to manufacture the breakthrough three-wheeler.

He has since been opening the company to partnerships and other investors in the hope of finally making the three-wheel car a reality. A prototype of the Elio P4 has been showcased in recent motor shows and according to Paul Elio, the vehicle will come out with a retail price of $6,800, which would make it safe, incredibly fuel-efficient, and very affordable to the masses.

Elio also said that he wanted to raise funds for the company to ensure that the mass production of the vehicle starts no later than 2016. It seems like Elio and his company have meet their initial target for funding support so production goals for the car will be on schedule, including the possible launching of a production version of the three-wheel vehicle in the middle of next year, which is to be the P5.

Strategic initiatives

In his latest statement, Paul Elio said that the company’s strategic initiatives really paid off as they really buckled down to work with the end in view of meeting the production targets for the car.

He added that the completion of the P5’s engine prototype, the company’s buy-in offer to accredited investors, and its recent supplier summit, are just part of their strategic initiatives to ensure that Elio Motors will achieve progress every day.

Elio also said that the company is just fortunate to be able to work with some of the most well-respected and notable auto supplier companies in the world, which were also given their voices in the development of the P5.

The P5 is based on the P4 prototype but it shall have add-on features and amenities including power windows, power door locks and air conditioning.

Positive impact in the US

Even when he and his company were still in the middle of implementing their strategic initiatives to gain funding support, Paul Elio was already thinking big, confident that his company and its first product would have noticeable impact on national petroleum use in the US.