Monday, July 6, 2009

Miles Electrical Vehicles Gains More Funding

Santa Monica-based Miles Electrical Vehicles--now known as Coda Automotive--has raised around $11M in additional funding in an ongoing, $40M funding round, according to a regulatory filing from the firm today. In the filing, the firm said it has now sold $24M in equity out of a $40.3M raise, up from $13.5M the firm had raised as of March. Source of the new funding has not been released. Coda Automotive is developing fully electric, plug-in electrical vehicles. Miles Electrical Vehicles launched the Coda Automotive brand in June.