It remains unclear whether Elio Motors will ever get its three-wheel vehicle to market, but one thing is certain: The startup needs more cash.
Elio filed its semiannual report with the U.S. Securities and Exchange Commission last week, saying it had just $40,000 in cash on hand and a capital deficit of $38.3 million as of June 30.
This month, Elio filed paperwork with the SEC to hold an initial public offering to raise $100 million.
Founded in 2009 by Paul Elio, the company in 2013 purchased a factory formerly owned by General Motors in Shreveport, La. The vehicle, which is expected to get up to 84 mpg, has been shown at auto shows.
In June 2016, Paul Elio unveiled the first model of the E series to be used in safety and durability testing.
"If you look closely throughout the vehicle, this is getting closer and closer to production throughout," he said at the time.
However, the IPO filing indicated that the vehicles won't be coming off the line until 2019 at the earliest.
That's a far cry from the original planned launch of 2014. Last year, the company said production would begin in 2017, but that has not been the case.
There are more than 65,000 reservation holders for the vehicle, the company says, and the starting price has changed over the years. Originally, the vehicle's base price was $6,800. Now, that figure has risen to $7,450.