Coda Raises $25M for Electric Sedan
Coda Automotive said it raised $25 million from private investment manager Aeris Capital AG to develop an all-electric sedan for sale this year.
The capitalization for Coda, a unit of closely held Miles Electric Vehicles of Santa Monica, California, now totals $74 million. Investors include founder Miles Rubin; Thomas McLarty, former chief of staff for President Bill Clinton; and Henry Paulson Jr., former U.S. Treasury Secretary under President George W. Bush.
Niall Davis, a principal of Aeris Capital, will join Coda’s board. Chief Executive Officer Kevin Czinger said in a statement that the investment positions Coda to “execute upon its commitment to deliver the first affordable, all-electric sedan to U.S. consumers in 2010.”
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