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Miles EV Raises $15 Million for XS500 Electric Car

by Michael Graham Richard, Gatineau, Canada on 02.26.08
Business & Politics

Miles xs500 EV

After some confusion over how much it will cost, here are some good news about the XS500 electric car, the first highway-capable (80+ mph top speed, 120+ miles range) EV by Miles Electric Vehicles: The company has raised $15 million and the money is earmarked for further development of the XS500.

Last we've heard from Miles, the 2009 XS500 model is still projected to sell for "$30,000 to $35,000" in the United States. Lets hope they can pull it off. For more info on the car, see our previous post about it: XS500 by Miles. Via ::Edmunds. See also: ::Sporty Loremo Diesel will Have Electric Version Too, ::BYD F6DM: Will the First Plug-In Hybrid be Chinese?

Comments (18)

MIles, along with Phoenix Motorcars, are two great hopes for electric cars.

jump to top dave says:

I'm much relieved to read this entry for the Miles Javlon. I think it's a very attractive vehicle. When a saw a recent post changing the $30 to a $60, as in $60,000 I wrote off the possibility of buying one.

Personally, I'd prefer to buy an American made vehicle but the big manufacturers are not willing to make any for sale. (That's not a poor choice of words. They've already manufactured and leased vehicles that I would buy. But I won't sign a multi-year rental agreement for one.)

That said, Miles: Bring It On! I'd like mine in a bright blue color if you please.

jump to top Mark says:

cars not even that bad looking for electric.

jump to top car news says:

Wait... the car's gonna be $15 million dollars?

Seriously, what did they raise the $15 million for, and what does it mean for people who are looking into buying this car?

jump to top Ross says:

"Seriously, what did they raise the $15 million for, and what does it mean for people who are looking into buying this car?"

It's just a good sign that we might actually see this car. Better hear good news about development than bad news (company running out of money, release date pushed back, etc)

jump to top James K. T. says:

Unfortunately, any and all hype about plug-ins right now is premature. Until we get more renewable sources in the grid, the recent studies show that more electric cars = more emissions for the USA. :(

"Unfortunately, any and all hype about plug-ins right now is premature. Until we get more renewable sources in the grid, the recent studies show that more electric cars = more emissions for the USA. :("

Not entirely true. That's what some people want everyone to believe.

Electric cars would mostly be recharged overnight....when there's a surplus of energy available on the grid.

jump to top Maflagulator says:

Brave New Leaf- Please learn more about the topic before you write it off, and especially before you put misinformation like that on the web.

EV's are ready now. They are the answer, but there are many forces against them. Miles EV is having to overcome monumental challenges to bring this car to the US market. Not because of technology, but red tape and barriers intended to keep disruptive technology like this off the market.

Brave New Leaf and all you other doubters need to do some honest investigation and educate yourselves on a myriad of issues (smart grids, grid tech, batteries, efficiency of ICE's vs EV's, etc). Also, understand what is at stake and the desperation and disinformation from those currently holding all the cards.

Miles EV is bringing an impressive, functional, efficient, affordable emmission free vehicle to the masses. They are succeeding against all odds and have an unprecedented reputataion.

We should all be rooting for Miles EV and doing everything we can to promote them and every other organization truly working towards a sustainable society.

jump to top T the D says:

"Miles EV is having to overcome monumental challenges to bring this car to the US market. Not because of technology, but red tape and barriers intended to keep disruptive technology like this off the market."

According to an article in Edmonds.com including an interview with Miles Rubin(http://www.edmunds.com/advice/alternativefuels/articles/122759/article.html), "The biggest challenge right now is not relating to the electronics of the car — it's meeting the new 2009 airbag requirements imposed by the U.S. government."

Safety requirements are the same for all mass market cars not just "disruptive technology" vehicles.

T the D, maybe you should "learn more about the topic before...you put misinformation like that on the web."

jump to top gl says:

I know all about the airbag problem, along with others.

It doesn't change the fact that the system is set up to prevent all but the biggest manufacturers from selling cars in the US. What do the biggest manufacturers give us? False promises, false solutions, and the babiest of baby steps.

Explain to me why all the truly "eco-friendly" cars coming to market (diesels, diesel hybrids, PHEV, EV) are either not planned for the US at all, or long after they are brought to other markets?

jump to top T the D says:

Besides, the comment directed at Leaf is in regards to EV=more pollution. EV's and PHEV's combined with smart grid technology can overcome one of the two biggest barriers to mass introduction of clean, renewable energy. WIth this technology the battery storage of the cars act as storage for the intermittent surges of energy from wind turbines and solar. Energy is then pulled back into the cars at night, when demand is lowest, to help balance our grid's baseload.

When the technology works together we can soon reach grid parity, even without the enormous negative externalities, subsidies and hidden costs of a fossil fuel paradigm.

With the proper technology in place, along with the proper policy incentives, electric vehicles and renewable energy can lead us towards a society no longer dependent on fuels that are killing our planet and making us weaker, poorer and accomplices to grave injustices around the world.

If you care to dispute my contention that EV's do not equal more pollution than ICE's, I'm all ears.

jump to top T the D says:

EVs and PHEVs are a huge part of both the energy and the pollution solution. You have to applaud Miles, Tesla, and other start ups for having the guts to do what the big auto manufacturers fail to.

We need non-oil based automobiles now. Seems we'll need innovators and small corps to get us there. No problem, that's supposed to be the American spirit, right?

As for people who say they pollute more, that's absolutely ridiculous. For each EV you put on the road, that's one less ICE spewing carbon. Sure, the grid takes the load. But it does so at night and you can always build renewables in for cleaner energy.

The disinformation here is not coming from T the D. It's coming from people who claim EVs pollute.

ICEs pollute. Coal power plants pollute. But EVs powered by wind and solar do not. They are most certainly part of the solution to both our energy and pollution problems.

Better World Technologies will be introducing technology in July that generates electricity not originated from fossil fuels . This electricity will be free for those homeowners that allow a unit to be installed at their residence for grid tie . The machine produces 30,000 monthly KWH of which the homeowner receives 2,166 KWH free of charge for their own use and the excess sent back to the grid . There's a lot more to this program for anyone interested .

They also have the World wide marketing rights for technologies owned by Dutchman Enterprises which were developed to improve automobile fuel economy . There are two phases . The first phase is on the market being sold by their network of 2,000 distributors . Phase one is experiencing a 95% improvement so they Guarantee a money back guarantee of 50% . Anyone mechanically inclined can perform the installation .

Phase two is awaiting EPA approval before release . In May this was tested on a dynomometer on a 318 Chrysler engine that was getting 22 MPG and after modification got 196 MPG .

On 06/25/2007 they began recruiting and training Master mechanics and Automotive Engineers to become " Instructors " who , after a 4 day training course return to their home domain to train local mechanics to become " Certified Installers " .

Advertising began on January 11th with full page ads in several major publications such as News Week , U.S. News and World Reports , Popular Science , Popular Mechanics and national inquirer . Many more publications have been added .

jump to top James Hanlon says:

Crazy,

As good as electric powered vehicles are, who in their right mind would spend $35,000. for a compact car? It has been well documented that the premium paid for current hybrids is impossible to realize any return on investment in less than 10 to 15 years, and no one keeps their vehicles for this long anymore.

jump to top Mike says:

Mike,
What is the retun on investment for a $60,000, 12 mpg Escalade? Why must environmentally friendly technologies like EV's, photovoltaics, geothermal heat pumps, etc. have a net zero cost? We spend (waste) billions on status items (bling) that depriciate quickly, yet I've never heard someone say you shouldn't buy a "tricked-out" Escalade because you won't make money on it in the forseeable future.

jump to top John says:

I took a ride in a LSV (low speed vehicle) by Miles EV in Santa Monica. Very sharp! Can't wait for the quck mover (JAVLON). At $35K, all I'd need to do is commit a portion of my usual municiple (and Highway) driving, to an all Electric Vehicle platform that I essentially plug into a standard 110V (or 220V) with my cell phone each night. Sounds pretty simple to me. My electric bill may go up about 8 to 10 bucks each month, but I'd save over $200-$250+ per month in fuel. Now I'm not a real smart guy, but so far the math looks good to me. I'm also heaaring that there are a few gov incentives like rebates and tax credits that I can get with my free parking (thank you very much).

Seems to me that the only thing I really can't afford to do, is to miss doing the homework that Miles has done. I'm not just calling it an Alternative, becuase if I'm really honestly thinking about the big "touchy-feely earth picture", it's actually the closest affordable alternative leaning toward a strong Solution. Hmmmm.

I can't speak for anyone else, but I'd love to save gas money and reduce my personal dependence on fuel (i.e foreign oil). Not to mention, I'd do my own part to kill the tail pipe when I do drive my EV around town. Makes pretty good sense to me.

Who cares where the cars come from anymore? Send 'em!

jump to top Doza says:

The immediate cost of the car is very important. For one +20K for a hybrid and +35k for an EV when the savings you get from buying each car is 10-15 years down the line. Are you saving? No, most people don't keep cars for 5 years let alone 10, you will be paying the interest on that car note long after you finish using that car. So who buys these cars? People who can already afford them , people who can already afford 4$ + the 30k gas only car.

This doesn't save the average driver money, which is why car companies are very slow on making them. If they wanted to sell expensive cars, well they already do that and quite well, and they probably be making less money off an hybrid/EV car then an expensive gas only car considering that people would prefer to spend the same price on a faster and bigger car, not just something that gets you to work and back.

Right now money is being spent on ways to make these 30k cars into 11k cars (hopefully). Thus making them competitive with gas only cars the average driver actually buys.

jump to top wuzzman says:

Why is $35 000 for a car a problem? There are many cars already out there that cost a heck of alot more than that and are being sold in pretty high volume -- the Escalade for one. And what calculations are you doing to say that you would have to own a car for 15 years before seeing a fincancial benefit? People who will spend $35 000 on a car already are spending $35 000 on a car. By not using gasoline and using electricity they are immediately seeing a benefit. Not to mention the lower emisions and smaller carbon footprint. People just don't want to change. It has nothing to do with cost, benefit, or otherwise. We would rather continue to live our lives as they are because it is currently more convenient.

jump to top Todd says:

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