
Just a couple of months after troubled automotive startup Elio Motors said it needed $376 million to bring its three-wheeler to life, the state of Louisiana has fined the company $545,000 for not having a license to accept non-refundable deposits.
Elio has been given 60 days to obtain the appropriate license, but in a statement to Jalopnik, said it intends on appealing the decision.
Even more worrying is the fact that, when the commission chairman asked where the $27.8 million in reservations was, attorneys for the company couldn’t say.
In a statement, Elio Motors said: “We do not believe the findings were in harmony with Louisiana motor vehicle laws nor in the best interest of the people of Louisiana or Elio Motors, and plan to appeal the decision.”
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