Demise of Coda Automotive Means Lonelier Electric-Car Owners
Source: Bloomberg Businessweek
Demise of Coda Automotive Means Lonelier Electric-Car Owners
By Ira Boudway
May 01, 2013
Coda Automotive, a Los Angeles-based electric carmaker, announced today that it is filing for bankruptcy. Coda’s parent company says it plans to sell its auto assets to focus on energy storage. The demise of the 4-year-old startup, which was backed by billionaire Philip Falcone, comes as a surprise to almost no one. Coda struggled almost from the beginning in a very difficult business. “They had a gigantic task ahead of them,” says Brett Smith, co-director of the manufacturing, engineering and technology group at the Center for Automotive Research. Coda sold only about 100 of its sedans.
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Read more: http://www.businessweek.com/articles/2013-05-01/demise-of-coda-automotive-means-lonelier-electric-car-owners