Electric car maker Coda files for bankruptcy Fox Business

28 Мар 2014 | Author: | Комментарии к записи Electric car maker Coda files for bankruptcy Fox Business отключены
Coda electric car

Electric car maker Coda for bankruptcy

Copyright Reuters

Green car startup Coda Inc filed for Chapter 11 bankruptcy on Wednesday after selling 100 of its all-electric sedans, another of battery-powered vehicles’ failure to into the mass market.

The with U.S. Bankruptcy in Delaware will allow the Los company to exit the auto and refocus on energy storage, a far capital-intensive business. The company the same technology it used in to build systems for utilities and operators to store power.

raised over $300 in private funding during its history from high names like former Secretary Henry Paulson and Brands Chief Executive Les Now, a group of lenders led by Investment Group LLC will to acquire the company for just $25 through the bankruptcy process.

The company launched its five-passenger car in California a year ago, a range of 125 miles on a single The $37,250 vehicle was criticized for its styling and low crash safety and its short lifespan also a recall due to faulty airbags.

have been slow to toward electric vehicles due to high cost, and fears their driving range.

Just three years Coda was one of an emerging crop of startups including Fisker and Tesla Motors Inc seeking to emission-free electric cars to to mass-market consumers.

Tesla has put of cars on the road, but Fisker is a bankruptcy filing. Fisker’s battery maker, A123 Inc, filed for bankruptcy last year.

General and Nissan Motor Co also heavily in electric vehicles, but have lagged hopes.

raised far less money the more than $1 billion attracted from private securing $344 million in according to court documents. The in 2012 withdrew its request for million in federal loans the ones Fisker and Tesla

Coda’s largest investor is Capital, an investment firm manages the wealth of SAP founder Tschira. Aeris, Harbinger the hedge fund run by Philip and Coda founder Miles each own more than 10 of the company’s equity, according to documents.

Coda also several wealthy individuals as including Wexner, Paulson, asset manager-turned environmental Tom Steyer, Mack McLarty, who for a was President Bill Clinton’s of staff, and former Commerce and Edison International Chief John Bryson.

Coda electric car

None of Coda’s investors immediately available for comment.

Aeris, Rubin and other have extended $5 million in financing to keep the company The same investors are involved in the bid for

Paulson, who was chairman and CEO of Goldman before becoming Treasury was reportedly brought into the by former Goldman colleagues Czinger and Steve Mac Heller. was Coda’s first CEO before his in 2010 and Heller is Coda’s chairman.

Coda was founded in by Rubin, an attorney who in 2004 had selling Chinese-made low-speed vehicles in the United States. The hired Phil Murtaugh, a General Motors China and executive, as its CEO in 2011.

As the allure of electric vehicles Coda struggled to secure new funding. Last year, sought to raise $150 but clinched just $22 million, to a filing with the U.S. and Exchange Commission.

Coda has 40 active employees and expects to 50 furloughed workers. Emerald Advisors is advising Coda on its and Houlihan Lokey is its investment

(Reporting by Nichola Groom in Los Additional reporting by Tom Hals in Editing by Daniel Magnowski and Tim

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Coda electric car

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