Another element of Coda Automotive's electric car program has been confirmed today with the announcement from UQM that it would be supplying motors to the startup company's new EV. The two companies have reached a 10-year deal for a supply of electric propulsion systems. During the first two years of Coda's initial ramp up period, starting in mid-2010, UQM is expected to supply about 20,000 of its UQM®PowerPhase® 100 motors to Coda. This is a 100 kW / 134 hp motor that is 94 percent efficient and is only 11 inches in diameter.
UQM was the original planned supplier to Phoenix Motorcars before they redesigned their sport utility truck and more recently has supplied motors to Chrysler for its prototype electric vehicles. Chrysler has not said if UQM will continue to supply motors for production versions of its EVs.
Photos Copyright ©2009 Mike Levine
UQM Technologies Announces Agreement with Coda Automotive to Supply Electric Vehicle Propulsion Systems
Production of 20,000 Units Slated to Ramp-up Prior to Scheduled Deliveries of the All-electric Sedan in Mid-2010
FREDERICK, Colo.--(BUSINESS WIRE)--UQM TECHNOLOGIES, INC. (NYSE Amex: UQM), a developer of alternative energy technologies, announced today that it has completed an agreement with Coda Automotive, a California-based electric car and battery company, to supply UQM®PowerPhase® 100 electric propulsion systems to Coda Automotive for a period of ten years.
Initial shipments under the agreement are expected to begin later this calendar year and ramp up prior to scheduled deliveries of the Coda 4-door, 5-passenger, all-electric sedan in the California market in mid-2010. The agreement provides for the purchase of 20,000 propulsion systems over the initial two-year period following the launch of volume production.
The Coda electric sedan was developed by Coda's internal team of engineers working with multiple external engineering partners, including Porsche Engineering. The Coda sedan is expected to carry a 5-star crash worthiness rating and sell for $45,000 (mid-$30,000s after a $7,500 Federal tax credit). Powered by a 33.8 kWh lithium-ion battery with a real-world range of 90 to 120 miles depending on individual driving habits, the Coda sedan travels far enough between charges to satisfy 94% of daily driving routines. The onboard charger plugs into a 110V or a 220V outlet and can charge for a 40-mile commute in approximately two hours (full charge in less than six hours at 220V). The battery system will be supplied by a joint venture between Coda Automotive and Tianjin Lishen Battery Co. ("Lishen"). Lishen is one of the world's largest manufacturers of lithium-ion cells and a key supplier to Apple, Motorola, Samsung and Vodafone, among others.
The Coda electric sedan will be fully built and tested, including the UQM® power-train and Lishen-Coda battery system, on an existing large-scale assembly line operated by Coda's manufacturing and assembly partner, HaFei Automobile Industry Group Co. Ltd. ("Hafei"), headquartered in Harbin, China. Hafei is one of the premier production and R&D companies in China for automobiles and automobile engines. The Group has over 575,000 square meters of production facilities, 11,000 employees and annual production capacity of 400,000 automobiles and 550,000 automobile engines.
The UQM®PowerPhase® 100 electric propulsion system delivers 100 kilowatts (134 horsepower) of peak power, 300 newton meters (221 pound feet) of peak torque and a peak system efficiency of 94%, all in a small 280 millimeter (11 inch) diameter by 252 millimeter (10 inch) long package.
"We are pleased to have Coda Automotive as a production customer and are looking forward to a rapid expansion of our manufacturing capacity to meet the volume requirements for this exciting vehicle launch," said William G. Rankin, President and Chief Executive Officer of UQM Technologies, Inc. "The completion of a long-term supply agreement is an important milestone in the commercialization of our proprietary technology, and will allow future owners of an all-electric Coda sedan to experience the exhilarating performance of electric propulsion while lowering their operating and ownership costs."
The Coda sedan is fully-equipped for comfort, convenience and safety. Factory-standard equipment includes a telematics package, navigation with turn-by-turn directions, a "green screen" that monitors driving efficiency, roadside assistance with an emergency button, a Bluetooth system with an embedded microphone, AM/FM/XM radio with Sirius satellite capability, MP3/USB connectivity, security system, aluminum wheels, and power windows, doors and mirrors. Safety equipment includes anti-lock brakes with electronic stability control and advanced airbags with an occupant detection system. The vehicle is backed by a three-year/36,000 mile warranty.
Coda Automotive employs a direct distribution model, and will begin sales in California initially. Coda will also perform the vehicle's maintenance and service through an outsourced network comprised of brand name car service partners.
"We are excited to add UQM Technologies to our team of world-class suppliers who are committed to supporting our objective of making practical, all-electric vehicles accessible to American drivers who need reliable, cost-efficient transportation and are concerned with the pollution caused by current gas-powered options," said Kevin Czinger, President and Chief Executive Officer, Coda Automotive. "The UQM® PowerPhase® 100 electric propulsion system delivers spectacular torque and energy efficiency that will enable the Coda sedan to deliver an exceptional driving experience and reliable operating range."
The Coda all-electric sedan will be on display at the company's annual meeting of shareholder's in Golden, Colo., on August 11, 2009, where Mr. Czinger will speak regarding Coda Automotive and their plans.
Headquartered in Santa Monica, Calif., Coda Automotive is a manufacturer and distributor of all-electric cars and transportation battery systems. Launched in June 2009, the company designs, brands, markets and distributes electric vehicles utilizing a manufacturing partnership strategy which allows Coda Automotive to develop vehicles rapidly in a flexible manner – avoiding the traditionally capital-intensive nature of the automobile business. Coda Automotive's first vehicle, the Coda sedan, will be delivered in 2010. For more information, visit www.codaautomotive.com.
UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, medical, military and industrial markets. A major emphasis of the Company is developing products for the alternative energy technologies sector including propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles, under-the-hood power accessories and other vehicle auxiliaries and distributed power generation applications. The Company's headquarters, engineering and product development center, and motor manufacturing operation are located in Frederick, Colo. For more information on the Company, please visit its worldwide website at www.uqm.com.
This Release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations, including those plans, beliefs and expectations of our officers and directors with respect to, among other things the development of markets for our products and the adequacy of our cash balances and liquidity to meet future operating needs. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-K filed May 21, 2009, which is available through our website at www.uqm.com or at www.sec.gov.