Miles Electric Vehicles Inc. is still working on the highway-speed XS500 and to make that vehicle a success the company will need lots of money. A story on peHub said that Miles EV is about to close a $40 million Series B funding round, but the reality isn't quite as clear cut as that. Kara Saltness, the marketing manager at Miles, told AutoblogGreen that the "$40M figure actually refers to the value of the maximum amount of shares we indicated could be set aside for this round. We have already done a first formal close on the series B round, which happened three weeks ago and was fully funded." So, while Miles has indeed raised some more money to keep things moving, exactly how many million we're talking about is not yet known. We should be sitting down with Miles during the LA Auto Show in a few weeks, so expect more details then.

[Source: Miles EV, peHub]


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