Coda Automotive raises $58 million more in funds, will set up shop in Singapore

Just a few weeks back, Coda Automotive had a slew of announcements to throw out at Moving Ahead 2010. From discussions of possible battery plant sites to a new dealership experience, on down to announcing that Firestone will handle service and maintenance duties on its Coda EV, we were pleased to hear from the company that had been a bit too quite lately. Now Coda has more to talk about and as we see it, it's pretty much all good news. The company has secured another $58 million in funds and will open yet another office, this time in Singapore.

New investments have come in from EDB Investments of Singapore and from Leslie Wexener, Chief Executive Officer of Limited Brands, Inc. The additional $58 million brings the total invested capital to $125 million, which Coda will use to bring its electric sedan to market as quickly as possible. The new office in Singapore will focus on engineering and designing Coda vehicles for right-hand-drive markets. Hopefully the new investment will help the company reach its (very) lofty goal of 14,000 EVs in the U.S. by the end of next year.

[Source: Green Car Advisor]