Elio Motors Inc.’s application for a U.S. Department of Energy (DOE) Advanced Technology Vehicles Manufacturing (ATVM) loan has moved to the due diligence phase after passing the first of three phases of review.

The DOE ATVM loan program supports the production of fuel-efficient, advanced technology vehicles and components in the United States. Elio Motors is seeking a $185 million ATVM loan to accelerate plans to begin production of its enclosed, three-wheeled vehicle in Shreveport, La., in 2015, according to the company.

“While this is just one step and there is a long way to go, we are pleased that DOE has moved expeditiously thus far on our loan application,” said Paul Elio, CEO of Elio Motors. "With a $6,800 sticker price that makes ultra-fuel efficient transportation affordable to the general public, we believe Elio is exactly the kind of American-made innovation that the loan program was designed to foster.”

In 2015, Elio Motors is launching an enclosed, three-wheeled vehicle that will retail for $6,800 and get 84 miles per gallon, according to the company.

For more information, visit www.eliomotors.com.