Coda Automotive, an electric-vehicle maker in Santa Monica, California says it is seeking new investment to complete work on its first model, the all-electric Coda Sedan. According to Christopher Rose, the company’s senior vice president of corporate development, Coda is looking for a $50 million investment that would be used “to finish the car.”
Earlier this year, regulatory filings showed Coda was had raised $76 million of a planned $125 million round, brining Coda’s total investment to more than $200 million. During that time, Coda said that the investment would go towards 2011 sales and marketing efforts as well as preparation ‘for start of production’ and additional equity investment in the lithium-ion battery plant Coda setup with Lishen Power Battery in Tianjin.
Rose said that Coda still plans on launching the electric sedan in the second half of 2011. Originally, Coda planned on launching the car, which is priced at $45,000 before incentives, in California in Dec. 2010.
– By: Omar Rana