The Global View

$15 million for electric car maker Miles

Like bees on honey and flies on, you know, whatever flies go for, VCs have been going mad for electric cars of late. After Tesla got a cool $40 million funding boost last week, now it’s the turn of Miles Electric Vehicles.

The company has just been given a $15 million investment by Angeleno Group, a Los Angeles VC firm that specialises in the clean energy sector.

According to the company, the cash will be used for the development of the all-electric Miles XS500 sedan, and for more work in the low-speed electric vehicle market.