Miles EV Gets New Funding For High-Speed Model

Miles Automotive wants to bring circa $30,000 Chinese-made EV to U.S.

EV developer and importer  Miles Electric Vehicles said it has received $15 million in a funding round led by Angeleno Group, a Los Angeles-based private equity group.

The funds are earmarked for further development of the previously announced Miles XS500, which the company says will be a highway-legal sedan. Miles so far has concentrated on low-speed neighborhood electric vehicles suitable for surface streets with posted speeds of 35 miles per hour or less...

Miles Rubin, chairman and founder of the Santa Monica, Calif.-based electric car company, said the new funding will help Miles EV realize its "commitment to do something meaningful to reduce the effects of global warming and to lower our dependence on foreign oil."

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John O'Dell February 22, 2008, 10:15 AM

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Alternative Fuels, Plug-ins and Electric