• Apr 13th 2011 at 4:05PM
  • 21
Coda Sedan – Click above for high-res image gallery

Coda Holdings, the company behind the battery-powered Coda Sedan, is still seeking an additional $50 million to "finish the car," according to Christopher Rose, the firm's senior vice president for corporate development.

Back in January, regulatory filings indicated that Coda had raised $76 million of a planned $125 million in its Series D referred investment round. Coda let us know that some of the $76 million would be used to "prepare for start of production of the company's flagship all-electric vehicle, the Coda Sedan, and to support the company's 2011 sales and marketing efforts," while the rest of the funds would be invested into LIO Energy Systems, Coda's lithium-ion battery joint venture with Lishen Power Battery.

Coda still says that its on track to release its four-door, $44,900 electric Sedan sometime in the third quarter of 2011, but the automaker has delayed the vehicle's launch in the past, so we won't be too surprised if another "production adjustment" pops up.

[Source: New York Times]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
      • 4 Years Ago
      For $50M, they'd get a better return if they placed a bulk order for 1250+ Chevy Volts or Nissan Leafs and resold them at 10% profit.
      • 4 Years Ago
      50 million to stick the fork in to see if their done? Lets hope this is not going to get drawn out any longer than it has to. The moment of opportunity has already come and gone and this venture will go down as close but no cigcar.
      • 4 Years Ago
      This car's moment was three years ago. Now? Just let it die.
      • 4 Years Ago
      Probably money to support their current burn rate. Every day they are not releasing the car, they still have to pay their employees. The design is probably finished, they just need more time to fine-tune the production and line up suppliers willing to take a risk on them.

      I'd venture to guess that some board members are looking to sell the whole development program to an auto manufacturer looking for a turnkey EV solution. Going public is not a viable option for them as it's hard to get excited over their product.

      This is something we see a lot in the aviation industry where some aircraft are manufactured by a different company than the one that did the development.
        • 4 Years Ago
        If you were Ford, for $50M, would you buy Coda?
        • 4 Years Ago
        @John H.

        I don't think Ford is that drunk.
      • 4 Years Ago
      This car is not competitive with Leaf.
      • 4 Years Ago
      Someone remind me, which parts of this car are made in China?

      Is it just the body and battery or the drive components as well?
      • 4 Years Ago
      Coda is the new Aptera.
      • 4 Years Ago
      They should take that 50 million (if they get it) and use it to subsidize their own car to make it (almost) economically viable. They could shave off 10K from 5000 cars with that money... Which will allow them to sell 5000 EVs at a more (almost) competitive 34,900. Probably the only cars they would ever sell...
        • 4 Years Ago
        At $35k, that's still an auto-loss to the same-priced Nissan Leaf.
      • 4 Years Ago
      comments are rough : ) but not really unfair.

      it's quite anticlimactic to build up to a launch and then say 45k$ and give us 50million more so we can delay the launch indefinitely.

      you don't want to pull an Aptera
      • 4 Years Ago
      Give me the money. I'll flush 99% of it down the toilet and keep the rest. Almost the same result.
        • 4 Years Ago
        commenting about CODA is like kicking a dying dog
      • 4 Years Ago
      This is going to be late. I wonder how they feel about hitting the showroom about the same time as the 2nd generation Leaf? It's a decent looking little car, but the price! It's just not going to be worth $45K. After the EV nuts are all driving the early EVs, the competition for the rest of the market when the 2nd generation EVs come out is going to be brutal. If this Coda was $20K cheaper it might have a chance.
    • Load More Comments
    Share This Photo X