RTEV Applies for $15M in ATVMIP Funds

6 January 2009

RTEV Inc. (Ruff & Tuff Electric Vehicles) has applied for $15 million in low-interest loans under the $25-billion Advanced Technology Vehicle Manufacturing Incentive Program (ATVMIP) administered by the US Department of Energy (DOE).

The Department of Energy reported 34 ATMVIP applications were filed as of 31 December 2008, the deadline for applications for the first tranche. The money is not related to the government bailout of the auto industry.

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. We also have a created a corporate culture that demands a frugal approach to development and manufacturing, and we think that this is crucial to being able to stay competitive versus other manufacturers.

—Mike McQuary, RTEV CEO

In November 2008, RTEV and Shuanghuan Automobile Company have formed a partnership to produce and market affordable all-electric cars for sale around the world. The first automobile will be a two-seat compact car that will be launched in the United States in May 2009. It will be marketed exclusively by RTEV under the Wheego Whip name in North America and by Shuanghuan Automobile as the Electric Noble (E-Noble) in the rest of the world. (Earlier post.)

While the car is capable of speeds of 95 kph (59 mph) it will be sold to different countries specifically designed to meet the safety requirements of the particular country. In the US it will be launched as a Low Speed Vehicle (25 mph max) or Medium Speed Vehicle (35 mph max) depending on local state regulations, until it passes US Department of Transportation safety crash requirements, which is expected sometime in early 2010.