Carbon Motor CEO: We’re still waiting on our federal loan approval

Carbon Motors CEO William Santana says that the company expects to be on its way to deliver its first police interceptor in 2013 if a request for federal loan is approved by the Obama administration. Carbon applied for a $310 million loan from the U.S. Department of Energy, which is charge of lending $27 billion under the Energy Independence and Security Act of 2007.

The first vehicle “will roll off the line 36 months after the Obama administration approves the federal loans,” said Li, a former Ford executive.

While the Indiana based company has no firm orders for the Carbon Motors E7 Police Car, Santana says that it has over 13,000 reservations from 350-plus law enforcement agencies in 48 states.” He said that those reservations are not binding and assume that the vehicles will be competitively priced and will meet safety standards.

Lee said that he expects an answer on the federal loan by this summer.

Carbon Motors recently announced that it will use BMW’s inline 6-cylinder diesel engines complete with cooling and exhaust gas system and automatic transmission.

Carbon Motors E7 Police Car:

– By: Kap Shah

Source: Automotive News (Subscription Required)