Miles Electric Vehicles Filed for Bankruptcy image

Today, June 11th, Miles Electric Vehicles filed for Chapter 11 bankruptcy.

Miles Electric Vehicles, a US electric automaker, listed assets estimated between $10 million to $50 million and liabilities estimated between $50 million and $100 million. The company was created in 2004 by Miles Rubin, an entrepreneur and philanthropist, aiming at quickly developing electric cars.

The electric vehicles are manufactured by FAW Tianjin in China, but the company is based in Los Angeles, California. The automaker became known in 2005, when the ZX40 China made EV hit the US market. Miles Electric Vehicles builds its cars on steel unibody chassis and are the first crash tested NEVs in the world which got the compliance of the US Department of Transportation, NHTSA and California Air resources Board.

The automaker has four EVs designed mainly for low-speed fleet use: ZX40, ZX40S, ZX40S Advanced Design and ZX40ST electric truck, all available in the US and used by various organizations such as NASA, several universities, the US Navy, the San Francisco Airport Authority and others. The Good Clean Tech named Miles Electric Vehicles the ‘Electric Car Company of 2007’.

Source: Reuters