Coda Automotive raises nearly $40 million

Coda Automotive, the Los Angeles-based firm responsible for the oft-delayed $44,900 Coda Sedan, has reportedly raised nearly $40 million in additional funds in the past couple of months.

According to the automaker's recent U.S. Securities and Exchange Commission filing, Coda has raised $117 million of the $237 million it's looking to grab in its fourth round of funding. Coda completed the initial $76-million phase of its fourth funding drive in December of 2010. In all, the startup automaker claims to have raised nearly $300 million since its inception back in 2009.

Coda recently made headlines with the signing of a deal with China's Great Wall Motor and the appointment of Thomas Hausch to the position of senior vice-president of marketing and sales. Will the next bit of news be the actual launch of the vehicle?