Posted on 05/01/2013 1:05:15 PM PDT by Signalman
California-based electric car maker, Coda, filed for bankruptcy protection on Wednesday, saying it plans to transition to the battery and energy-storage business.
The company had positioned itself as a cheaper alternative to fellow electric-car maker Tesla (TSLA) and plug-in hybrid-car maker Fisker. Coda's all-electric mid-sized sedan went for roughly $37,000, but proved a huge sales disappointment, with less than 100 vehicles sold. A Tesla Model S, with its most potent battery option, goes for $72,000.
Coda had the bodies and chassis of its cars built in China, with the battery systems installed in California.
CEO Phil Murtaugh said in a statement Coda's leadership had concluded "that focusing on the Company's energy storage business presents the best opportunity moving forward." Coda's energy storage business uses the same battery technology that powers its vehicles.
(Excerpt) Read more at money.cnn.com ...
Serves ‘em Right for naming the vehicle after a musical term which means “THE END”.
Looks to me as if this was nothing more than a Chinese "batteries not included" car.
any idea of links to how much stimulus money obama wasted on this company???
romney was right when he said to obama, “you don’t pick winners and losers- you just pick losers”....its too bad romney was such a loser himself...
Shocking and “Unexpected”...
So, their bottom line was Coda-Red?
I’d a rather had a Cuda.
Neanderthal!
Yes. Yes I am.
http://www.thetruthaboutcars.com/2013/05/electric-car-maker-coda-goes-bankrupt/#more-486918
...Coda had no shortage of money when it started. Coda raised $300 million in equity from backers “including Aeris Capital, Limited Brands Chief Executive Les Wexner, and former U.S. Treasury Secretary Henry Paulson,” Reuters says. Nevertheless, $300 million are not enough to develop a car, let alone a car company.
Coda applied for, but withdrew a request for $334 million in federal loans...
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