Coda seeking $50 million to finish electric Sedan

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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]

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