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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.”

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