Los Angeles startup Evotrex raises $30 million for PG5 hybrid RV
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Evotrex, a young Los Angeles startup, just raised $30 million to help finish building and testing its PG5 hybrid RV ahead of first sales next year. With this round, its total funding hits $46 million.
Investors from China and Hong Kong, including GSR United Capital and Pegasus Capital, are backing the project.
China production, California final touches
The PG5 blends electric power with a gas engine for longer off-grid adventures and is pretty handy for road trips.
Co-founder Alex Xiao says they're focused on making the RV tough and reliable and are actively testing it now.
Production will start in China with final touches in California.
Demand is strong for the premium model (priced at $160,000), which already makes up 90% of its existing order book.