Electric car manufacturer RTEV on Tuesday announced that ithas applied for $15 million in low-interest federal loan funds for its electric vehicle, the Wheego Whip.

The funds would go toward the construction of two assembly plants and a testing facility.

The testing facility is important to development of the Whip. While the Whip can travel up to 60 mph, the vehicle does not yet meet the U.S. Department of Transportation crash test standards and is currently classified as a low speed vehicle meant for local roads only in the states.

“[The light speed vehicle] is just a stepping stone,though,” RTEV CEO Mike McQuary said. “Our ultimate ambition is to have a full speed car that can be put on the highway.”

The two-seater Whip has a top speed of 35 mph and a range of 30 miles per charge. The projected price is under $20,000.

The company should hear back about the loan by the end of March, at which point it will be able to determine how on-track it will be with crash testing and production. The funding will also allow RTEV to ramp up the speed and range of the Whip.

Mr. McQuary is confident, though, that the company can attract customers regardless of technical specifications.

“Electric car consumers are a very discerning lot,” he said. “People expect a more personal relationship, such as good customer service. We’re going to try and establish that connection.”

RTEV hopes to have the Wheego Whip out on the road beforethe end of 2010.