Cooper Tires and Elio Motors sign letter of intent
ERJ staff report (TP)
Findlay, Ohio / Troy, Michigan − Cooper Tire & Rubber Company and Elio Motors announced on 11 November that they have signed a letter of intent to work together, reported MarketWatch.
Elio, headquartered in Troy, Michigan, is an automotive startup pioneering a three-wheeled, two-passenger vehicle expected to compete in the ultra-high mileage category beginning in late 2014. Once the agreement is finalised, Cooper intends to supply Elio tires as original equipment on the innovative vehicle, which Elio expects to achieve up to 84 miles per gallon (2.8 litres per 100km).
Weighing about 1,200 pounds (544kg), the futuristic Elio runs on a three-cylinder, 55-horsepower, fuel-injected engine. The vehicle is expected to retail for approximately $6,800 (€5,057) and Elio plans to produce it in Shreveport, Louisiana, using components primarily made in North America.
"We are delighted to have Cooper as our tire supplier. This letter of intent signifies a step forward in American manufacturing and assembly. We are proud that the Cooper tires supplied for the Elio will be manufactured in a US plant and our vehicle will be manufactured in Shreveport, creating American jobs," said Paul Elio, CEO of Elio Motors.
Chris Ostrander, President, North America Tire Division, said: "Continued innovation is critical in the automotive business, and Cooper is excited to be working with Elio to develop an innovative tire design to be manufactured in one of our US plants”.
Elio Motors was founded in 2008 and “born out of Paul Elio's vision for an efficient and affordable revolutionary vehicle”.
Cooper’s headquarters are in Findlay, Ohio; with manufacturing, sales, distribution, technical and design facilities within its family of companies located in 11 countries around the world.
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Full story from MarketWatch