Miles EV finds $15m funding for high-speed electric car

The team at Miles Automotive has just taken a big step toward making their XS500 electric sedan a reality thanks to $15 million in new funding. Los Angeles-based Angeleno Group led the latest funding round for Miles. The XS500 is a highway-speed-capable battery electric sedan that Miles is developing for production in China and sales in the U.S. and Europe. Recently, Miles has been doing a lot of re-engineeriffng of the XS500 which has led to some questions as to whether they can actually deliver a car with the specifications that they have quoted at a $30,000-35,000 price point. Considering that no one else has yet managed to build a car like this, the XS500 could be quite an achievement.

[Source: GreenCarAdvisor]