Elio Motors promised an 84 mpg 3-wheeled car for less than $7,000

Elio Motors showed off the fifth generation of its prototype three-wheeled, 84 mpg vehicle at the Los Angeles Auto Show in 2015.

Elio Motors shows off an early version of its prototype 3-wheeled, 84 mpg, two-seat vehicle at a press conference in 2013 to promote its deal to take over the former General Motors property in Shreveport, Lousiana, where the company promised to add 1,500 jobs.

Elio Motors promised to add 1,500 jobs at a former General Motors factory near Shreveport, Louisiana, to build its three-wheeled vehicle.

Phoenix engineer-entrepreneur Paul Elio founded and serves as CEO of start-up Elio Motors. Here he is pictured with Elio's three-wheeled, 84 mpg, two-seat prototype vehicle, which he's repeatedly promised is close to production since he began accepting reservations in early 2013.

The fourth-generation of Elio Motors' promised three-wheeled, two-seat, 84 mpg vehicle.

The fourth generation of the Elio Motors three-wheeled, two-seat, 84 mpg vehicle, which has attracted more than 65,000 deposits since 2013 but has not entered production.

The interior of the fourth generation of the Elio Motors three-wheeled, two-seat, 84 mpg vehicle, which has attracted more than 65,000 deposits since 2013 but has not entered production.

Paul Elio, CEO of Elio Motors, has repeatedly promised that his company is close to beginning production of its three-wheeled, 84 mpg, two-seat vehicle. But after taking more than 65,000 deposits worth tens of millions of dollars over the course of more than eight years, Elio Motors has still not produced a single vehicle. Elio is pictured here in 2014.

Phoenix engineer-entrepreneur Paul Elio founded and serves as CEO of start-up Elio Motors. Here he is pictured with Elio's three-wheeled, 84 mpg, two-seat prototype vehicle, which he's repeatedly promised is close to production since he began accepting reservations in early 2013. Here he is pictured in 2014.

Since early 2013, Elio Motors has accumulated more than 65,000 deposits for its three-wheeled, two-seat, 84 mpg vehicle. But it has failed to deliver any vehicles. A prototype is seen here on the streets of Royal Oak, Michigan, in 2014.

Since early 2013, Elio Motors has accumulated more than 65,000 deposits for its three-wheeled, two-seat, 84 mpg vehicle. But it has failed to deliver any vehicles. A prototype is seen here on the streets of Royal Oak, Michigan, in 2014.

In this Thursday, Aug. 14, 2014, file photo, the Elio, a three-wheeled prototype vehicle, is shown in Royal Oak, Mich.

The Elio, a three-wheeled prototype vehicle, is shown in traffic in Royal Oak, Mich., Thursday, Aug. 14, 2014.