As Coda Automotive readies for the U.S. launch of its electric sedan, the company has already struck up a deal with a "major global automotive manufacturer" to sell the ZEV credits Coda anticipates receiving from the distribution of more than 14,000 battery-powered sedans in 2011. According to Coda, the company will be entitled to more than 50,000 ZEV credits if it can successfully sell 14,000 of its five-passenger electric sedans. Coda will then offer these credits to the undisclosed automaker in return for a similarly undisclosed amount of monetary compensation.
The ZEV credit system is complicated stuff, but Green Car Congress sums it up well by stating:
Since Coda Automotive only intends to sell electric vehicles here in the U.S., the surplus credits generated by sales of its battery-powered sedan can be sold to automakers that would otherwise fail to meet the guidelines laid out above. Look for an update to this story as soon as Coda reveals the name behind the "major global automotive manufacturer" and follow the jump for more on Coda's ZEV credit deal.Under the current ZEV regulations, in the 2009 through 2011 model years, a manufacturer must meet at least 22.5% of its ZEV requirement with ZEVs or ZEV credits generated by such vehicles, and at least another 22.5% with ZEVs, AT PZEVs, or credits generated by such vehicles. The remainder of the manufacturer's ZEV requirement may be met using PZEVs or credits generated by such vehicles.