BUSINESS + ECONOMY

Overstock invests in 84-mpg, 3-wheel, 2-seat Elio Car

May 9, 2018, 12:43 PM | Updated: May 10, 2018, 7:18 am
Follow @kslpetersamore...

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.

Today’s Top Stories

Business + Economy

Salt Lake Express...
Mark Jones

Salt Lake Express announces new route to Reno, Nevada

Salt Lake Express is now offering service to Reno, Nevada. The route began Dec. 1 after months of working with the Nevada Department of Transportation.
1 day ago
Student loan forgiveness on hold...
Samantha Herrera

Student loan forgiveness resolution on hold until 2023

Jason Iuliano, associate professor of law for the University of Utah spoke to Dave and Dujanovic about the student loan forgiveness block.
1 day ago
FILE: The Vivint Arena in Salt Lake City is pictured on Tuesday, May 24, 2022. (Kristin Murphy, Des...
Alejandro Lucero

Vivint Smart Home acquired for $2.8 billion by NRG Energy

Vivint Smart Home has announced in a press release that they will be acquired by the Houston based NRG Energy in a $2.8 billion deal.
1 day ago
The mayor of Provo, Utah, discusses how popular the city's four-day workweek has been, why it's pop...
Simone Seikaly

A 4-day workweek is working for Provo government

Provo Mayor Michelle Kafusi said she isn't surprised at the positive results reported after a global 4 day workweek pilot program.
1 day ago
FILE - In this April 14, 2020 file photo, the thumbs up Like logo is shown on a sign at Facebook he...
Brian Fung, CNN

Meta threatens to remove news content over US journalism bargaining bill

Meta threatened to remove news content from its platforms on Monday following reports of lawmakers adding controversial legislation favoring news media.
2 days ago
NEW YORK, NEW YORK - MAY 02: 
  Elon Musk attends The 2022 Met Gala Celebrating "In America: An Ant...
Ramishah Maruf, CNN

Elon Musk speaks out on ‘Twitter Files’ release detailing platform’s inner workings

Originally Published: 04 DEC 22 09:38 ET     (CNN) — Twitter owner Elon Musk spoke out on Saturday evening about the so-called “Twitter Files,” a long tweet thread posted by journalist Matt Taibbi, who had been provided with details about behind-the-scenes discussions on Twitter’s content moderation decision-making, including the call to suppress a 2020 New York […]
3 days ago

Sponsored Articles

Spicy Homemade Loaded Taters Tots...
Macey's

5 game day snacks for the whole family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The best tools for Deaf and hard-of-hearing workplace success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
christmas decorations candles in glass jars with fir on a old wooden table...
Western Nut Company

12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]

There are so many clever mason jar gift ideas to give something thoughtful to your neighbors or friends. Read our 12 ideas to make your own!
wide shot of Bear Lake with a person on a stand up paddle board...

Pack your bags! Extended stays at Bear Lake await you

Work from here! Read our tips to prepare for your extended stay, whether at Bear Lake or somewhere else nearby.
young boy with hearing aid...
Sorenson

Accommodations for students who are deaf and hard of hearing

These different types of accommodations for students who are deaf and hard of hearing can help them succeed in school.
Overstock invests in 84-mpg, 3-wheel, 2-seat Elio Car