Coda Automotive strikes up ZEV credit deal with undisclosed automaker

As Coda Automotive readies for the U.S. launch of its electric sedan, the company has already struck up a deal with a "major global automotive manufacturer" to sell the ZEV credits Coda anticipates receiving from the distribution of more than 14,000 battery-powered sedans in 2011. According to Coda, the company will be entitled to more than 50,000 ZEV credits if it can successfully sell 14,000 of its five-passenger electric sedans. Coda will then offer these credits to the undisclosed automaker in return for a similarly undisclosed amount of monetary compensation.

The ZEV credit system is complicated stuff, but Green Car Congress sums it up well by stating:

Under the current ZEV regulations, in the 2009 through 2011 model years, a manufacturer must meet at least 22.5% of its ZEV requirement with ZEVs or ZEV credits generated by such vehicles, and at least another 22.5% with ZEVs, AT PZEVs, or credits generated by such vehicles. The remainder of the manufacturer's ZEV requirement may be met using PZEVs or credits generated by such vehicles.

Since Coda Automotive only intends to sell electric vehicles here in the U.S., the surplus credits generated by sales of its battery-powered sedan can be sold to automakers that would otherwise fail to meet the guidelines laid out above. Look for an update to this story as soon as Coda reveals the name behind the "major global automotive manufacturer" and follow the jump for more on Coda's ZEV credit deal.

[Source: Coda Automotive]

PRESS RELEASE

Coda Automotive Announces ZEV Credit Sales

California-based electric vehicle start-up enters into agreements with major automotive manufacturers

SANTA MONICA, Calif., August 13, 2010 – CODA Automotive™, a privately held American company that designs, manufactures and sells all-electric vehicles and battery systems for transportation and utility related applications, today announced that it had entered into an agreement with a major global automotive manufacturer for the sale of ZEV credits. CODA will be entitled to over 50,000 ZEV credits under its planned 2011 California distribution of more than 14,000 five passenger, four door all-electric sedans.

Later this year CODA will begin limited deliveries of its first vehicle, the CODA Sedan, with space for five and designed to meet the day-to-day needs of most American consumers. CODA's innovative 33.8 kWh battery, complete with an active thermal management system, will set it apart from the competition enabling consumers to travel a dependable 90-120 miles in real world driving on a single charge. With the CODA the garage becomes a filling station, requiring less than six hours for a full charge using a 220V charger or just under two hours for a short 40 mile commute.

Deposits for the CODA sedan will be available beginning August 2010 at CODAAutomotive.com.

About CODA Automotive: Headquartered in Santa Monica, Calif., CODA Automotive™ is working to reduce dependence on oil and is leading the way to a cleaner future through advanced battery systems for its 100% electric car, other electric vehicle manufacturers and utility applications such as wind power storage. CODA is working in a smart, interdependent way with more than 30 leading global technology and manufacturing companies across four continents to quickly and efficiently bring electric drive technology to market. Through its exclusive battery system joint venture with Lishen Power Battery, Lio Energy Systems, CODA is also a large-scale producer of power battery systems for transportation and utility applications. CODA is slated to begin limited deliveries of its all-electric car in the fourth quarter of this year (2010). The CODA™ Sedan is a five-passenger, mid-size car with full rear seating and trunk space that is designed to meet American drivers' daily transportation needs without using an ounce of gasoline. For more information, please visit www.codaautomotive.com.