PHOTO CAPTION: Coda electric car will initially be manufactured in China and is expected to sell for $45,000 after tax credits.

Coda Raises $25M for Electric Sedan

Coda has said the car will sell for about $45,000, before a federal tax rebate.

Published: 07-Jan-2010

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.”


TREV two-place electric car

Student-built vehicle can do 0-60 in 10 seconds with top speed of 75 mph. Photo courtesy of University of South Australia.

Johnson Controls RE3 electric concept car interior.

RE3 electric concept car is designed to demonstrate use of different materials and flexible, novel ways of using space.

Magna International chief vehicle engineer Dick DeVogelaere with Project M electric car. Photo credit: EV World.Com.

Ford plans to make only 10,000 of the electric vehicles a year at first - very few by Detroit standards - to test the market cautiously. GM and Toyota are following a similar cautious approach.


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