RTTNews | Sep 9, 2021 11:02AM EDT

11:02 Thursday, September 9, 2021 (RTTNews.com) - Elio Motors, Inc. (ELIO) shares are surging on Thursday morning trade after the company announced its plan to produce an electric version of three-wheeled vehicles to take advantage of the new appetite for electric vehicles.

The manufacturer of low-cost electric and gas-powered vehicles said its Elio-E targets a base price of $14,900, an affordable entry-level in the market.

Elio Motors was able to garner over 65,000 reservations for its Elio-G gas-powered vehicle. Once the electric version is produced, Elio plans to potentially launch the Elio-G, for a gas-powered alternative.

Currently, shares are at $1.38, up 213.63 percent from the previous close of $0.44 on a volume of 596,270. For the 52-week period, the shares have traded in a range of $0.30-$4.00 on average volume of 4,596.

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