Coda pulls the plug on EV cars, will focus on energy storage
Coda Motors is officially ending its quest to enter the electric vehicle market, and instead will focus its future business plans around the emerging energy storage market. Parent company CODA Holdings has filed for voluntary corporate reorganization under a Chapter 11 bankruptcy proceeding, which it expects to have completed in 45 days. When that process is done, the commercial side of the operation will concern itself with various forms of commercial energy storage using its advanced lithium-ion battery technology.
"After concluding a comprehensive review of our strategic options, the Board of Directors, management team and senior lending group have concluded that focusing on the Company's energy storage business presents the best opportunity moving forward," said Phil Murtaugh, Chief Executive Officer, Coda Holdings, Inc. "We believe the restructuring process that we have entered into today will enable the Company to complete a sale and confirm a plan that maximizes the value of its assets, serving the best interests of our stakeholders."
Formed in 2009, Coda Automotive began marketing its electric-powered Coda Sedan just over a year ago. Based on a highly modified Mitsubishi platform, fitted with a huge 31kWh lithium-ion battery pack and offering an EPA per-charge range of 88 miles, the Coda's decidedly plain styling and stout $38,000+ sticker found favor with few takers. Even with huge discounts in addition to the federal and state and local incentives, Coda only managed to sell 100 Sedans before finally deciding to call it quits and commit all future efforts to establishing itself as a major player in an entirely new but rapidly growing portion of the electric realm.
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