Posts Tagged ‘Coda Automotive’

Coda Files Bankruptcy

Electric vehicle maker sold less than 100 vehicles.

by on May.01, 2013

After selling less than 100 cars since the vehicle's introduction, Coda filed Chapter 11 bankruptcy.

Coda Holdings Inc., parent of the electric-car maker backed by billionaire Philip Facone, filed for bankruptcy and will seek to sell its assets to a group led by a Fortress Investment Group.

Coda Holdings shut down its automotive unit last year after failing to make good on its promise to sell 10,000 vehicles. The company sold less than 100 vehicles while employing 40 people. It will focus on its energy storage business, said Phil Murtaugh, chief executive officer of the Los Angeles-based company in a statement.

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The company introduced its five-passenger electric car in California a year ago with a range of 125 miles on a single charge. The $37,250 vehicle was based off a years-old vehicle design and was panned for its bland styling. Additionally, it suffered through a recall due to faulty airbags.


Coda Coming Unplugged

Most staff already gone, battery-car company selling off premier store.

by on Mar.04, 2013

It's now sink or swim time for Coda.

Most of its staff have already been dismissed and now start-up battery-car maker Coda Automotive is closing its flagship showroom, raising questions about whether Coda can hang on much longer without finding a new buyer or some big-buck investors.

Coda, which has been marketing a stripped-down electric vehicle imported from China, had already raised an estimated $200 million in capital raised from such high-profile investors as former U.S. Treasury Hank Paulson — some of whom may now be taking the company to court.

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After a year on the market, sales have barely climbed into the 100s, despite the fledgling carmaker’s claims to deliver more range than almost any other electric vehicle on the U.S. market.

Ironically, according to reports from Los Angeles, where the maker is based, Coda’s store in the busy and exclusive Westfield Century City mall will soon be taken over by its competitor, Tesla Motors.


Coda Battery Systems Wants U.S. Taxpayer Funds for Chinese Electric Car Imports

Company submits proposal to the Department of Energy to build a U.S. battery factory to help import a Chinese EV.

by on Jun.09, 2009

Coda Electric Sedan

Chinese maker Hafei will build the electric car.

The list of companies lining up for taxpayer dollars from  the U.S. Department of Energy increased today as  Coda Battery Systems LLC announced it had applied under a DOE stimulus grant program for funding to build a manufacturing facility in Enfield, Connecticut. The Coda Battery facility expects to employ 600 U.S. workers.

Coda Battery Systems is itself a joint-venture between Connecticut-based Yardney Technical Products, Incorporated and California-based Coda Automotive. The controversial part of the deal comes from Coda, which was just launched this month.

Coda says it will import to California by the fall of 2010 a four-door, five-passenger electric sedan built it manufacturing partner, Hafei, a state-owned Chinese manufacturer of automobiles and airplanes.

More Promises of Chinese Cars

Critics note that many plans for the importation of Chinese vehicles have been announced, but none have appeared thus far, as delays are always incurred.  It was not immediately clear how the Department of Energy would view the grant application. Thus far no such grants have been approved.

At first, the sedan will be sold with a battery system from a joint venture between Coda Automotive and Chinese-based Tianjin Lishen Battery Company, a large supplier of lithium-ion batteries. If the U.S. plant appears, batteries from it would be substituted to power the Chinese car.

Even here taxpayer subsidies would go the Chinese, since Coda intends to make Lishen part of the U.S. manufacturing joint venture. (more…)

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