That's what Coda Automotive is betting on. Los Angeles-based electric-vehicle maker said this week that, in addition to offering its standard Coda Sedan battery-electric vehicle, which has a 150-mile range, for $39,900, it will also sell a cheaper version with a 125-mile range for a base price of $37,250. Both versions, which qualify for a $7,500 federal tax credit in addition to more incentives in some states, will start being sold to the American public next month.
Coda announced the less-expensive version as it unveiled its Sedan at the North American International Auto Show in Detroit this week. The company is likely to start sales at the San Diego's Marvin K. Brown Auto Center, which also sells the Fisker Karma extended-range plug-in.
Coda was originally slated to debut the Sedan during the second quarter of 2010, but the launch has been repeatedly delayed because of quality concerns and management turnover. In November, the company cut the Sedan's base price by $5,000 and said it would offer a 10-year, 100,000-mile warranty on the car's battery in an effort to generate demand.
Coda opened its Los Angeles headquarters in November, about two months after it opened its Coda Experience Center consumer-information store and test-drive center in L.A.'s Century City district. Coda in September also said it raised $147 million in its fourth round of financing to bring its total to more than $300 million since the company's 2009 founding.
Newest US-based EV Company Becomes the First-in-Class Manufacturer to Provide Two Mileage Range Options
DETROIT, Jan. 9, 2012 – CODA Automotive, a leading developer of all-electric vehicles, today announced that the zero-emission CODA sedan will have two mileage range and price options in 2012. In addition to the original model, offering up to a 150-mile range with a MSRP of $39,900, the new 31kWh battery option will provide a driving range of up to 125 miles(i) and will be available at a lower base MSRP of $37,250. After federal tax savings, the base price will be $29,750, and will qualify for additional state tax credits, including a maximum of $2,500 in California and up to $7,500 in 12 other states(ii). The company developed this option for the launch of its first vehicle to accelerate the adoption of electric vehicles in 2012.
"Since day one, CODA has been committed to deliver affordable and reliable electric vehicles and clean technology to customers," said Phil Murtaugh, CEO, CODA Holdings. "Research shows that the high cost of today's alternative fuel technologies is one of the largest barriers that keep the average driver from purchasing an electric vehicle. Our continuous dedication to identifying affordable solutions and passing the savings on to our customers aligns with our mission of putting an electric vehicle into every garage."
The new 2012 CODA sedan mileage range option will maintain the key features for which the company is known. The first all-electric five-passenger, mid-size sedan with full rear seating and trunk space meets American drivers' daily transportation needs without an ounce of gasoline:
- Best in-class driving range: The 31kWh 2012 CODA mileage option provides real, useful driving range up to 125 miles, nearly four times the average daily commute.
- Best in-class range per dollar: The new option has a base price of $37,250 and can go up to 125 miles on a single charge. Federal and individual state tax savings and credits may bring the price down to $22,250.
- Fast and easy recharging: A 6.6kW onboard charger provides an unbeatable charging speed, providing a 100-mile charge in as few as four hours.
- Dependable mileage range: The active air thermal management system provides constant battery care by keeping the battery pack at its optimum temperature in hot and cold weather conditions(iii).
- The best battery technology: The only electric vehicle sedan is powered by a safe and efficient Lithium-iron Phosphate (LiFePo4) battery pack with an industry leading 10-year, 100,000-mile battery warranty.
The new mileage range option offers CODA's industry leading battery technology with the best range per dollar of any electric vehicle on the market. Deliveries of the first 2012 CODA sedans are anticipated to begin in February 2012.
The CODA 2012 sedan makes its North American International Auto Show debut and today and will be on display through Jan. 22. Test drives are available for media on Jan. 9 and Jan. 10. More information and reservations for the CODA are available at www.codaautomotive.com.
Headquartered in Los Angeles, CODA Holdings is a leading developer of advanced Lithium-ion power battery systems comprised of three key business lines: CODA Automotive, CODA EV Propulsion Systems and CODA Energy. Together with its JV partners, CODA is working to reduce dependence on oil and is leading the way to a cleaner future through its electric vehicles and stationary energy storage products. The first consumer product available will be a zero emission four-door, five-passenger EV sedan with a full-size trunk that is designed to meet American drivers' daily transportation needs. For more information on the CODA sedan, visit www.codaautomotive.com.
(i) Actual range and vehicle performance will vary depending on personal driving and charging style, speed, conditions, weather and cargo load.
(ii) After state and federal tax savings, net as low as $22,250. MSRP $37,250, with federal tax savings from 0-$7,500. To help determine rebate eligibility, please visit http://www.irs.gov/newsroom/article/0,,id=206871,00.html/. State tax rebates up to $7,500 are available. More information available at http://www.pluginamerica.org/incentives. Excludes tax, delivery, title and license. Initially available through online reservation process. Subject to change.
(iii) When plugged in or driving, the CODA sedan's active thermal management system will heat or cool the battery to maintain battery integrity and consistent driving range in extreme temperatures.