Tag Archives: CodaAutomotive

Coda files for bankruptcy, hopes to sell its EV assets for $25 million

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Coda files for bankruptcy, hopes to sell its assets for $25 million

We can't say we were enthused with Coda Automotive's ho-hum EV design, and we know the public wasn't, either. Still, it's hard not to lament the company's fate now that its parent, Coda Holdings, is declaring Chapter 11 bankruptcy and getting out of the car market. The firm has had enough of production delays and slow adoption, and now it's planning to sell its Automotive division through an auction that should net at least $25 million. What's left of Coda will focus on energy storage, if and when it emerges from bankruptcy -- not nearly as exciting a field, but likely more profitable. While the exit was far from unexpected, it reminds us that the modern EV business is more often defined by its casualties than its winners.

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Via: Bloomberg

Source: Coda Automotive

Coda sheds 15 percent of workforce, has reportedly sold fewer than 100 sedans

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Coda sheds 15 percent of workforce, has reportedly sold fewer than 100 sedans

Despite having shaved off greenbacks from its all-electric sedan's price tag, it appears business isn't going as well as hoped for EV-maker Coda Automotive. After getting word from an anonymous source regarding layoffs at the automaker, Plug In Cars has received a confirmation of the staffing slash from Coda's senior vice president of Government Relations and External Affairs, Forrest Beanum. "CODA has released approximately 50 employees or 15% of our workforce across all functions to streamline our operations and right-size the Company," Beanum said. According to the exec, Coda is committed to continuing development and distribution of its products, and that the measure was an effort to better position the firm for the future. Plug In Cars' anonymous source also made mention of sales, which have reportedly slowed practically to a halt after the auto was was recalled by the National Highway Transportation Safety Administration in August thanks to safety equipment issues. To make matters worse, it's said that Coda has sold fewer than 100 cars since sales began last spring.

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Via: Autoblog

Source: PluginCars

Coda sedan EV hits California dealerships, spreads semi-frugal greenness

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Coda Automotive's EV sedan has been a long time coming -- but it's here in earnest now. After some initial deliveries two months earlier and the slight matter of parts arriving from China with minor damage, the California-assembled electric car should be in the fledgling automaker's Los Angeles dealership this week. Don't assume the sales rep will have the sedan in your preferred shade of periwinkle blue, however: although all four of Coda's dealerships in California will have samples for test drives, just ten units of the inaugural EV are on sale at the LA location. Should you happen to jump to the front of the small queue, expect to pay a relatively reasonable $39,900 before a tax credit for the regular sedan with a 150-mile range, or an ever-so slightly more economical $37,250 for the 125-mile edition.

Coda sedan EV hits California dealerships, spreads semi-frugal greenness originally appeared on Engadget on Tue, 08 May 2012 11:19:00 EDT. Please see our terms for use of feeds.

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