In mid-December, Coda laid off around 15 percent of its workforce, or about 50 people. At the time, Coda said the layoffs were intended to "better position our business going forward" and that "We remain committed to the continued development and distribution of our products." Apparently, and we await more details on today's action, the company did not let enough people go to reach this "better position."
On Friday, January 4th CODA furloughed a number of employees as the Company takes necessary action to bolster its financing and better position the business going forward. The Company has kept in place a sufficient number of staff to keep the Company operational and remains committed to the continued development and distribution of its products. During this period, CODA will continue to provide service to its dealers and customers. While unfortunate, we are confident this temporary action will allow the Company to strategically direct resources towards critical operations and put the Company on a more sustainable path.
Details are sparse, but it appears the bad news is continuing at Coda Automotive. The company sent the following statement to AutoblogGreen today: