Elio Motors Inc. (OTCMKTS:ELIO) soared 111% after announcing intentions to build an electric version of its three-wheeled vehicle. According to the company, the plan for an EV is based on changing consumer demand and the capital market’s desire for EVs.
Notably, the Elio-E Model targets a base price of $14,900, making it among the most affordable electric cars available in the market. Founded in the mission of creating low-cost, high mileage vehicles that are affordable to everyone, the company first developed a gas-powered alternative in its initial stages to establish in the market before launching an EV version.
The automobile industry is change, and Elio Motors believes it is time to create electric-powered models. The company garnered 65,000 reservations for its Elio-G gas-powered care demonstrating demand for its design and unique styling. After the launch of the electric version, the company plans to launch the Elio- for its customers who want a gas-powered car. So in the coming months, ELIO is worth watching.
Market Reaction:
On Thursday, ELIO stock surged 111% at $0.93 with more than 1.16 million shares, compared to its average volume of 4k shares. The stock has moved within a range of $0.4500 – 1.6600 after opening the trade at $0.45.
