Earlier today, Elio Motors, Inc. (OTCQX: ELIO) took a major
step toward the start of production for its highly-anticipated three-wheeled
vehicle when it announced finalization of its body panel design. Through
unprecedented levels of supplier input and collaboration, the company was able
to reduce body panel development time by roughly 90 percent, further
demonstrating Elio’s commitment to innovation in the automotive space.
“We’ve organized our engineering teams and supplier partners
to give them more freedom to provide ideas and decisions,” Paul Elio, founder
and chief executive officer of Elio Motors, stated in this morning’s news
release. “Their collective brainpower is essential in meeting the aggressive
cost and quality standards we’ve set and that our customers demand. The
teamwork and talent of our supplier partners was on full display in the body
panel development.”
In an effort to expedite body panel design, Elio grouped its
engineering team members and supplier partners into eight work groups, with
each taking responsibility for a specific portion of the vehicle. The company
encouraged members of each group to work together on a daily basis to review
and approve proposed engineering changes and push the company’s vehicle closer
to predetermined cost and quality targets. Using this integrated approach, Elio
was able to avoid many of the delays that are inherent in traditional
manufacturer/supplier relationships in the auto industry, which can impede the
development process and increase the final cost of a vehicle.
“The Elio Motors design process is the new paradigm in
automotive engineering and design,” added Frank Phillips, Jr., president of
Elio design partner Molded Plastic Industries. “It allows participating
suppliers to bring their best ideas to the table and to work together
collaboratively with other product development teams (PDT) for the good of the
project.”
Elio’s milestone builds on what has been an exciting week
for the American automotive industry. Tesla Motors (NASDAQ: TSLA) continues to
grab headlines ahead of the unveiling of its all-electric Model 3, which is
scheduled for tonight. The launch of the Model 3 will mark a major turning
point for Tesla, as the vehicle is priced at roughly half the sticker price of
the automaker’s Model S and Model X. Reports (http://dtn.fm/aE1vX) of lines of
would-be buyers at Tesla stores around the globe waiting to reserve the Model 3
pushed TSLA stock up about two percent in afternoon trading, despite the fact
that production isn’t scheduled to begin until 2017. Early reports suggest that
Model 3 reservations will amount to billions of dollars in short order for
Tesla, highlighting the viability of an affordable, innovative approach to
automotive development.
While a $35,000 sticker price for a Tesla Model 3 has car
buyers lining up, it’s far from the most affordable impending entry into the
American automotive market. The Elio Motors vehicle has a targeted base price
of just $6,800. According to the company’s website, this unmatched
affordability, when paired with an estimated fuel economy of up to 84 miles per
gallon, has already enticed more than 51,280 individuals to make a deposit on
the sleek two-seater.
For more information, visit www.eliomotors.com
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