Coda seeking $50 million to finish electric Sedan

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]