Miles Electric Vehicles has finally succeeded in securing its first institutional investment for its range of low-cost, low speed electric cars. With a $15 million backing by the Angeleno Group, a private equity firm who focus mainly on the energy sector, Miles is expected to increase the scope of its China-made eco-friendly vehicles to appeal to a wider range of customers with its high-speed sedan, the Miles XS500, ready to hit the roads within the next 18 months.
Source: Tech Confidential
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this is going to add some serious competition to conventional car makers now.