MIDVALE – Overstock.com is investing $2.5 million into a three-wheel, two-seat car that can be purchased with cryptocurrency.
The founder of Elio Motors has high hopes for his car.
“After five years of sales, we could reduce total U.S. gas consumption by nearly half a percent,” Paul Elio said.
“This is all using known technology. There’s no ‘flux capacitor’ here.” Elio referred to the science fiction movie “Back to the Future.”
In real life, Elio says his car gets 84 miles per gallon and has a base price of $7500.
Elio, calls his vehicle the “and” vehicle, meaning drivers could have their big pickup trucks for heavy loads, and his car for simple commutes.
Overstock CEO Patrick Byrne invested $2.5 million into the car, and users of “Elio Coins” get first crack at buying the small car.
Byrne said the cryptocurrency could be “a much more accurate way to allocate capital for society than the way it’s currently done, with a bunch of aggressive investors on ‘Shark Tank,” referring to the television show.
Overstock operates with Bitcoin.
Byrne touted the car’s sustainability and eco-friendliness.
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