California Electric-Car Maker Files for Bankruptcy
Posted in the Martinez Forum
#1 May 1, 2013
May 1, 2013 -- Los Angeles, CA -- CODA Holdings, Inc.(the Company or CODA) announced today that it is focusing its business strategy on the growing energy storage market. CODA plans to implement the restructuring of its business through a voluntary filing under Chapter 11 of the U.S. Bankruptcy Code. The voluntary petition was filed today in the District of Delaware. This process is intended to enable the Company to complete a sale, confirm a Plan and emerge from bankruptcy in a stronger position to execute its new business plan. The Company expects the sale process to take 45 days to complete.
CODA Automotive Comes to Benicia
Tuesday, September 13, 2011
Officials at CODA Automotive, the Santa Monica, CA-based manufacturer of electric cars, made the official announcement Monday morning that they have an agreement to do final assembly of their electric vehicles at Amports facility in Benicia.
#2 May 2, 2013
Electric car maker CODA files for bankruptcy
Less then 20 months after its Benicia plant was greeted with high hopes by local officials, electric car maker CODA Holdings Inc. announced Wednesday it has filed for bankruptcy.
CODA's Los Angeles-based parent company filed for Chapter 11 bankruptcy protection in Delaware.
After selling just 100 cars, it said it is quitting the auto business altogether.
The four-year-old company said in a statement that it plans to restructure around CODA Energy, whose products rely on the same core technology as its vehicles.
In September 2011, Benicia officials heralded CODA's arrival along with the potential of dozens of green-industry jobs.
CODA had big plans, estimating it would sell between 10,000 to 14,000 cars. Instead, it sold around 100.
"Like all businesses, some are going to succeed and others are going to struggle," Benicia Economic Development Manager Mario Giuliani said.
Giuliani said that Amports will continue to partner with CODA as the company reemerges from its past business model to its new one.
Amports officials declined to comment Wednesday on CODA's future in Benicia.
CODA's five passenger sedan ran on a 12-volt battery and had a range of up to 150 miles.
Its sticker price of $37,000 -- reduced to $27,250 with federal credits and state rebates for electric vehicles -- coupled with a lengthy recharge time of six hours and humdrum styling failed to attract buyers.
Investors also became wary, and a proposed $150 million securities offering resulted in less than $22.5 million, according to a Securities and Exchange Commission filing last year.
The company also withdrew a request for more than $300 million in federal loans.
However, CODA's troubles are simple growing pains for an embryonic technology, said Phil Gott, senior director of IHS Automotive, an auto forecasting and advisory firm.
"In about a decade or so it'll be really ready for the consumer," he said of all-electric vehicles.
Meanwhile, it was announced Wednesday that the first Chinese-owned vehicle manufacturer in the United States has unveiled ambitious plans to build as many as 1,000 electric buses a year at a refurbished RV manufacturing plant in the Mojave Desert.
At a news conference at its new facility, BYD officials said the plant should produce the first 10 of its plug-in buses next year.
BYD hopes to be rolling out 50 a year within two years. It aims to be running the plant at full capacity, 1,000 buses a year, within 10 to 20 years.
The buses will be powered by BYD's own rechargeable batteries.
BYD senior vice president Stella Li says the endeavor represents more than a $10 million investment in Lancaster.
She says the plant should eventually employ about 1,000 people.
#3 May 2, 2013
how many green car companies does this make ?
Obama and liberal lefties just love to piss your tax dollars away
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