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Evotrex raises $30M to build the RV that doesn’t need a charging station
Evotrex has raised $30M in Series A funding to develop a hybrid RV capable of extended off-grid travel, targeting annual production of 1,000 units. Founded two years ago, the startup has already secured a total of $46M, with investments primarily from Chinese firms. The RV aims to combine electric and gas power, attracting significant pre-orders for its premium model, amid a competitive landscape against legacy RV manufacturers and other startups.
Key points
- Evotrex secured $30M in Series A funding to develop a hybrid RV, raising its total to $46M.
- The startup aims to produce around 1,000 RV units annually, revealing its first model at CES.
- Investments mainly come from Chinese and Hong Kong firms, including Anker as a seed investor.
- Evotrex's hybrid system uses a battery pack rechargeable by an onboard gas engine, differentiating it from all-electric RVs.
- 90% of existing orders are for a premium model priced around $160,000.
- The startup is prioritizing customer support, hiring service staff before sales personnel.
- Manufacturing will occur in China, with final assembly in California to access key markets.
Why it matters
- The rise of electric and hybrid vehicles aligns with the increasing consumer demand for sustainable technology in the transport sector.
- In the RV industry, competition is intensifying as established manufacturers lag in electric offerings, creating opportunities for startups.
- IT trends in autonomous vehicles and smart technology are influencing the RV market, potentially integrating IoT and enhanced connectivity features.
Evotrex's innovative approach to hybrid RVs and significant funding position it well in a growing market, emphasizing product quality and customer engagement as keys to its success amid fierce competition.