Evotrex raises $30M to bring hybrid RVs to market

Evotrex has closed a $30 million Series A funding round, bringing its total capital raised to $46 million. The company is planning to build and sell its first hybrid RV travel trailers next year, targeting around 1,000 units annually. The Series A—which represents a venture capital funding stage—was backed by a consortium of investment firms, including:

• GSR United Capital
• Forebright Concerto Capital
• TTGG Ventures
• Pegasus Capital

Anker, a consumer electronics company and the former employer of Evotrex co-founder and CEO Alex Xiao, also participated as a seed investor.

The startup is entering a crowded market where legacy manufacturers have struggled to scale. For example, Winnebago has had its eRV2 in field testing since 2023 without reaching consumers, while Thor has also faced challenges in bringing electric RVs to consumers. Meanwhile, startup competitors like Lightship and Pebble are focusing on all-electric travel trailers. Evotrex is differentiating its product by building a hybrid system. Specifically, it is an extended range electric vehicle (EREV)—a battery-powered vehicle equipped with an onboard gas engine for recharging.

According to Evotrex, 90% of its existing order book is for the fully loaded Premium trim of its PG5 RV, which is priced at around $160,000. However, the company is not rushing to production. Xiao stated that Evotrex needs the next 10 to 12 months to thoroughly test the PG5’s durability. This testing comes as mechanical integrity isn’t always a guarantee for RVs, representing a known vulnerability in the industry.

To address these challenges, Xiao emphasized the complexity of the business. “I think in the long term the strongest companies will have many things — you must be very good at product definition, R&D, and supply chain. You also need to be very good at distribution [and] service. Many things together. It’s a very complicated business,” said Alex Xiao, co-founder and CEO of Evotrex.

Evotrex plans to manufacture its vehicles in China and perform final assembly in California. The company is leveraging a Los Angeles base to access its target market and utilize nearby climates for testing.

Why it matters

Evotrex is attempting to fill a gap in the RV market by offering a hybrid “extended range electric vehicle” (EREV) system, distinguishing itself from competitors focusing on all-electric models or legacy manufacturers struggling to bring electric RVs to consumers.