• Apr 13, 2011
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]


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    • 1 Second Ago
  • 21 Comments
      • 3 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.
      • 3 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.
      • 3 Years Ago
      This car's moment was three years ago. Now? Just let it die.
      • 3 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.
        • 3 Years Ago
        If you were Ford, for $50M, would you buy Coda?
        • 3 Years Ago
        @John H.

        I don't think Ford is that drunk.
      • 3 Years Ago
      This car is not competitive with Leaf.
      • 3 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?
      • 3 Years Ago
      Coda is the new Aptera.
      • 3 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...
        • 3 Years Ago
        At $35k, that's still an auto-loss to the same-priced Nissan Leaf.
      • 3 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
      IamXD
      • 3 Years Ago
      Give me the money. I'll flush 99% of it down the toilet and keep the rest. Almost the same result.
        • 3 Years Ago
        @IamXD
        commenting about CODA is like kicking a dying dog
      • 3 Years Ago
      Another $50 Million to *hopefully* get a car "finished". A car that is a very ugly ripoff of a 1992 Sentra with all the shortcomings of today's EVs and a $45,000 price tag.

      Wow, It is absolutely stunning that they would even bother to ask for the money.

      That car, and this whole company are so ugly that it reminds me of one of those old southern sayings:

      that boy is so ugly his parents had to tie a porkchop around his neck to get the dog to play with him.
        • 3 Years Ago
        Reminder that in CA and other States with EV rebates or credits, the Volt's cost is $28,800. or $350 month lease.

        Coda is a Chinese company wanting to appear to be US. It is not. Let them get money from the wealthy Chinese who have been enriched by low quality exported goods. If their own PRC won't invest - why should we?
        • 3 Years Ago
        At $45k, it's worse than the same-priced Chevy Volt.
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