Carbon Motors Corp. has announced it has secured $100 million in private financing that will allow it to open its first factory in Connorsville, Ind., to build its E7 patrol car.
Carbon Motors is still waiting for approval of a $310 million federal loan to help finance the development of the high-tech vehicle that's set for 2012 production, the Indianapolis Star reports.
The company formed by a group that included ex-Ford executive Bill Li has also been able to get control of the plant once occupied by Visteon, one of the world's largest parts suppliers and former Ford division that declared bankruptcy earlier this year.
Carbon Motors' arrival to the patrol market will face stiff competition from Detroit automakers who have announced new patrol cars debuting in 2011. At the IACP trade show, General Motors announced it would revive the Chevrolet Caprice patrol vehicle, and Ford confirmed it will build a new Police Interceptor to replace the CVPI.
Read the full story.