Elio Motors CEO Explains Delays For Starting Production
"CAPITAL MARKETS ARE BROKEN" - Elio Motors CEO Paul Elio says his company won't hit its July job-creation deadline but emphasized that his company will build three-wheeled vehicles in the former GM Plant in Shreveport in the near future. Elio joined Caddo Commissioner- Louis Johnson who arranged a Thursday afternoon press conference so Elio could offer some public explanation as to why the company hasn't kept it’s scheduled to begin producing vehicles at the former General Motors plant in West Shreveport. The company faces a deadline this summer to create 1,500 jobs or face a possible financial per-job penalty from RACER Trust, which was appointed to take over the former GM property in 2011 by the U.S. Bankruptcy court. RACER Trust has the option to extend the deadline.