Electric vehicle manufacturer RTEV Inc, has applied for $15 million in low-interest loans under the new federal program to spur development of the next generation of U.S. fuel-efficient vehicles.
RTEV applied for the funds under the Advanced Technology Vehicle Manufacturing Incentive Program (ATVMIP), which was established by the Energy Independence and Security Act of 2007 to be administered by the U.S. Department of Energy (DOE).
"While $15 million may seem insignificant versus the hundreds of millions that were applied for by other electric car manufacturers, it is testament to the fact that we are already significantly far along in our development. We will launch Wheego, our electric LSV in May of this year, and expect that we will have a full speed car on the road before the end of 2010," RTEV CEO Mike McQuary said.
In November RTEV announced a partnership with Chinese carmaker Shuanghuan Automobile to convert a small gasoline-powered two-seater into an electric vehicle with a 60-mile range. The vehicle will be called the Wheego Whip.
RTEV will build the vehicle’s electric drive systems, which employs plug-in, dry-cell sealed batteries. Shuanghuan will produce the rest of the car, which resembles the DaimlerChrysler Smart Car. The gasoline version of the vehicle, which has been sold in Europe and China since 2000, is called the Noble.
RTEV is comprised of two divisions, Ruff & Tuff and Wheego. The company currently features recreational vehicles under its Ruff & Tuff brand, and street legal cars under the Wheego brand. The company is based in Atlanta, GA with distribution points in Winnsboro, SC; Baton Rouge Louisiana; and Long Beach, CA.
The Department of Energy reported 34 ATVMIP applications were filed as of December 31, which was the first deadline for applications. The money is not related to the government bailout of the auto industry.
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