That’s exactly the path I personally think Elio Motors took. From extremely overoptimistic, convinced the problems would go away, to finding that their plans didn’t work, to an endless cycle of fund raising, hype, and then a cynical fleecing of everyone to keep paying their own, generous wages while failing to produce anything.
Elio Motors was the one I was trying to remember. Thank you!
No problem, you were quite the informed and prominent poster in two of the three Elio threads I cited upthread!
For the OP, I would really recommend against anyone investing in startups unless they are really sophisticated investors. Even then, only if you really understand the market.
I worked in a couple of closely related industries in the 90s and the 00s, distributing Western products into Japan.
These industries were relatively small, with some companies being medium size, but a lot of small sized companies. There were some large companies but they didn’t do business with us, and they had their own distribution in Japan.
I saw a couple of companies go public in the tech bubble in the late 90s. We were the distributor for them and I saw the presentations they made to investors.
As an industry insider, I was appalled with the implied claims. I guess that because the world was going crazy they were appealing to the FOMO crowd.
This company is a scam not only because of the lack of information, but because early investors should be awarded share at the wholesale price and not retail.
There is information online which answers some of the questions.
Apparently there are other companies with current products that are available now. The VEEMO SE is available at $6,299 (compared to ELF 3’s targeted $7,500).
The manufacturer of VEEMO offers these thoughts on ELF
The Birth of Organic Transit and the ELF
In the world of sustainable transportation, few vehicles were as unique and promising as the Organic Transit ELF. Launched by Organic Transit, a North Carolina-based company founded by Rob Cotter in 2012, the ELF was a one-of-a-kind solar- and pedal-powered electric trike designed for urban mobility. Marketed as the “most efficient vehicle on the planet,” the ELF combined elements of bicycles, electric cars, and solar technology to create a lightweight, enclosed personal transport solution.
But:
Despite its innovative design and strong early adoption, Organic Transit eventually ran into financial difficulties. By 2020, the company ceased operations and left many ELF owners wondering what happened. Several factors contributed to its downfall:
High Production Costs – Manufacturing the ELF in the U.S. proved expensive, making it difficult to scale production while keeping prices competitive.
Limited Market Size – While the ELF had strong niche appeal, it struggled to break into the mainstream market due to its unconventional design and relatively high price tag.
Competition and Alternatives – Newer, more affordable e-bikes and enclosed electric trikes, such as the ENVO Veemo, began emerging with improved features and lower costs.
Supply Chain and Financial Struggles – Organic Transit faced difficulties in securing consistent parts and funding, which ultimately led to production halts and business closure.
If the owners of the Organic Transit were being upfront, they should have a better explanation for these problems other than
In 2020, like many small companies, Organic Transit faced bankruptcy and was acquired by a major lender. Under new ownership, manufacturing ceased, and no vehicles were sold. In 2023, I reacquired the company through the formation of ETA, now the parent company of Organic Transit.
Basic investment advice:
- only invest money you can afford to lose
- don’t put all your investment in one place
- get reliable information about your investments
Yes but the American public has been brainwashed to like rugged, manly, aggressive, and oversized vehicles. Pickup trucks just are dick-extenders for rural cosplayers living in the suburbs. It’s sad because we’re in an arms race of ever bigger and heavier vehicles all trying to be top dog on the road and plowing over everyone and everything else, often with fatal consequences. That’s why the ELF or the Topolino have an uphill battle to fight just based on looks and size alone, let alone all the other issues.
Great find, and exactly the kind of critique I wish the fundraiser itself addressed. Thanks for sharing!
I must’ve missed that memo altogether, lol. If someone gave me a pickup I’d immediately sell it and buy a few Topolinos. Or maybe that electric VW minibus…
And this is pretty cool. Will have to see if they offer a doored version!
Coincidentally, I was watching this local auction for a three wheel car trike thingy last week. Fwiw, the hammer price was $1200 and they collect a 27% buyers’ premium.
The visibility in the Veemo SE is much better than in the ELF. I don’t like how the ELF has those big corner bezels. Watching the video at ~0:58, they really block the corner view.
Just curious – what is it that you like about the enclosure and doors? Is it rain protection? I feel like you would get most of the benefit from the e-trike or even the Veemo LT.
And to be clear, that is just fine as long as you realize it. I mean, I occasionally give money to companies and people I like to support their business plans, but in most of those cases I don’t expect ever seeing that money again. You almost need to think of it more like charity rather than investing, with any recoupment of your investment being a pleasant surprise rather than expected.
The present idea seems to fall into that category of “investments”.
We live in an area that gets some snow most winters. Not like Chicago level, but enough. I used to commute to work on my mountain bike with studded tires and it was fine, but not terribly comfortable. Having a little shelter from the snowfall would be nice, even if it’s not a heated cabin. That’s all!
Thanks. I used to do the same and something to take the edge off the cold would make a difference. Having a chassis around the bike would really help with being seen. That is my biggest issue with biking, especially in the dark.
One issue I had at the bike rack was daytime vandalism. I’m not sure if it would be better or worse with this.
Finally, I’ve never ridden a front-wheel trike. I’ve ridden an old rear-wheel trike and really didn’t like it; I didn’t feel balanced at higher speeds. I could see a front-wheel might be better at that.
Trump has just announced his support for a very small car: the Japanese Kei car:
My dad moved to Arizona a handful of years ago. He owns a golf cart to get around in. Arizona is like Florida, in that there are a lot of areas with seniors, and there are places where they are common.
Seriously, this product seems to be nothing more than taking a golf cart and giving it a retro-futuristic look to try to convince someone that it’s a novel idea. If I take a stapler, but make it look like a rounded triangle, and call it the “Paper Fastener 5000”, and charge $100 for it, I am going to fail. Dressing up an old idea with fake innovation might fool investors but doesn’t typically fool enough consumers to be sustainable.
Not necessarily: Rapid 5080e Professional Automatic Electric Stapler, 90 Sheet Capacity, Black (90147) | Staples
We actually have very similar devices at work. That’s different because it actually does have a functionality that a normal stapler doesn’t.
Now, if you took that same design, but it was just a normal, non-powered stapler that you pushed down, and still charged a fortune for it, you probably wouldn’t be so successful.
(Those electric staplers are scary, up to 90 pages stapled together at once, it’s crazy.)
Good attempt at a counter-example though, even the name is eerily similar to the thing I pulled off the top of my head. 
It’s more the drivetrain that’s interesting. Golf carts are usually electric or gas, right, and meant to go on roads?
These pedal assist electric trikes target a slightly different niche, not so much retirees, but somewhat younger and more active folks who would otherwise commute by bicycle or such. In that sense, requiring pedaling is a feature, not a drawback… you can tell yourself you got some exercise! And they can go on bike paths and greenways, which are usually much more enjoyable than sharing a road with cars.
That still doesn’t mean they’re a good investment, though 
That’s fair. It seems like you could probably convert a golf cart and don’t need to start from scratch (as an e-bike is pretty much just a regular bike with some reinforcement and an electric motor added, so adding a pedal system to a golf cart might be more economical). But I guess this new vehicle has more than just a cosmetic difference after all.
I’m not really sure what a golf cart is made of, mechanically. Do they usually have a transmission, differential, car-like tires, etc.? If so, it would be quite heavy compared to something you build out of bike parts, and quite difficult to pedal. It’d need a fatter motor and battery.
It would probably be easier to build up from an recumbent trike (which are already somewhat common), or maybe do an electric go-cart conversion if you don’t care about pedaling. But there’s a pretty big e-bike market already, and it probably makes sense to use those parts instead. Then you can take them to bike shops for mechanical work too, instead of wherever you would take a golf cart (mechanic? golf course maintenance shack?).