Miles Electric Vehicles announced a $15-million investment round led by the Los Angeles-based private equity fund, Angeleno Group, with participation from existing investors. Funds will be used to advance the development of the lithium-ion powered Miles XS500 highway-speed sedan, and to expand its presence in the low speed electric vehicle market. (Earlier post.)
The Miles XS500 is planned to have a top speed of more than 80 mph and a range of more than 120 miles on a single charge. The company is now targeting the introduction of the XS500 in late 2009.
Miles currently markets a line of low-speed electric cars and trucks that combine US-built built motor and controller technology with Chinese manufacturing and advanced battery production.