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Summary:

Miles Electric Vehicles, maker of low-speed electric vehicles and a forthcoming highway-speed sedan, is reportedly raising $40 million in Series B funds.

Miles Electric Vehicles, maker of low-speed electric vehicles and a forthcoming highway-speed sedan, is in the midst of raising $40 million in Series B funds, PEHub reports. The Santa Monica, Calif.-based startup has confirmed with us that it has already closed a little more than $13 million from backers including Angeleno Group, which invested in Miles’ $15 million Series A round back in February. Miles tells us it is looking for more money but says that with this initial close it has enough funds to finish development of its highway-speed sedan next year.

miles-evs

Miles distinguishes itself from many small electric car startups by designing cars that could pass as “normal”-looking. Founded in 2004, the company says it’s already sold hundreds of vehicles and has a global supply chain that connects its cheap production lines in China to high-profile customers in the U.S. including Stanford, NASA and the Navy.

Like fellow low-speed electric makers ZENN and ZAP, Miles is developing a full-on all-electric vehicle that would do highway speeds and be a viable alternative to internal combustion vehicles. The company claims its sedan will hit speeds up to 80 mph and will sport a battery that provides 120 miles of charge. Prototypes have already been delivered and Miles hopes to start selling the vehicle in the first quarter of 2010. With a projected price point of $40,000-$45,000, the sedan could give the recently delayed Tesla Model S and even Chevy’s much-hyped Volt a run for their money.

Like Tesla, Miles has recently undergone its own corporate reshuffling. CEO Jeff Boyd left the company this summer and last month joined another electric vehicle startup, recently launched Ruff and Tuff Electric Vehicles, as president of its Wheego street division. Boyd will head up the company’s development of low-speed electric vehicles, in direct competition with Miles. When Boyd told VentureBeat early this year that he hoped Miles has a lot of competition, we don’t think this is what he meant.

Image courtesy of Miles Electric Vehicles.

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