Evotrex Secures $30M for Innovative Hybrid RVs

Evotrex, a two-year-old startup, is poised to enter the market with its first hybrid RV travel trailers, aiming for an annual production of approximately 1,000 units. The company recently closed a $30 million Series A funding round, boosting its total capital raised to $46 million. This funding was primarily supported by investment firms from China and Hong Kong.

These funds will enable Evotrex to finalize the development and testing of its RV, which was showcased at this year's Consumer Electronics Show. The L.A.-based startup is competing in a dynamic market, seeking to capitalize on gaps left by slower-moving legacy manufacturers.

Evotrex differentiates itself with a hybrid power system, utilizing a battery pack that can be recharged by an onboard gas engine—an approach known as an extended range electric vehicle (EREV). This design aims to facilitate extended off-grid living for users. The company's PG5 RV, featuring a premium trim, has seen significant demand, with 90% of its order book for this configuration priced around $160,000.

While a functional version of the PG5 has been validated, Evotrex is dedicating the next 10 to 12 months to rigorous durability testing. Manufacturing is planned in China with final assembly in California, leveraging Los Angeles as a base for market access and climate testing. The company emphasizes customer support, evidenced by early hiring in service roles.