Electric car maker Coda files for bankruptcy Business …

26 Апр 2014 | Author: | Комментарии к записи Electric car maker Coda files for bankruptcy Business … отключены
Coda electric car

Electric car maker Coda for bankruptcy

Coda Automotive the Los Angeles-based electric-car maker by billionaire Philip Falcone, has for bankruptcy and will put itself up for

Coda listed assets of no than $50 million and liabilities of up to million in the Chapter 11 filing in

The automaker had been almost quiet about sales of its car, which had been on the since March of 2012.

sales finally got some from an unusual source — safety regulators — last

Coda appeared to have just 78 vehicles at most, to a recall notice issued by the Highway Traffic Safety

The recall was for side curtain air that were not installed and might not deploy in an accident.

The which had a claimed range of 90 to 120 was initially pitched as an all-American but it was mostly made in China.

Its comes at a time when companies are having more with all electric and plug-in cars.

Tesla is expect to in its upcoming quarterly earnings this month that it 4,750 of its all-electric Model S which start at about


That compared to the Chevrolet first-quarter sales of 4,244, was an 8 percent increase for the plug-in compared with the same in 2012, according to Autodata

Nissan saw sales of its all-electric the Leaf, double in the first to 3,359, compared to the same a year earlier. The Leaf year has an improved range and a sticker price.

In addition to that kind of one expert says, Coda was to sell its cars at a time automakers were rolling out less expensive, conventionally gasoline and diesel cars were capable of 30 miles per or more.

“Even General and Nissan are still having difficulty in finding acceptance of cars and plug-in hybrids the public,” said Bruce executive director of the Maguire Institute at Southern Methodist

“Layer on top of that, in Coda, the that you had a brand that was less recognized and far less and you would have significant about their ability to Bullock added.

Coda electric car

Coda was not the only company to sell an alternative car. Automotive recently failed to a federal loan payment and sold one of its hybrid sports in nearly a year.

In a statement on its Coda Holdings Inc. it was focusing its business strategy “on the energy storage market.”

The added it hoped to complete the within 45 days.

“The board of directors, team and senior lending have concluded that on the company’s energy storage presents the best opportunity forward,” said Phil chief executive officer of Holdings Inc.

A consortium led by Investment Group has provided to enable Coda’s energy business to remain functional the restructuring, according to Coda Inc.

Fortress has also a $25 million bid to acquire the company, Holdings Inc. said.

the Los Angeles Times at www.latimes.com.

by MCT Information Services

Coda electric car
Coda electric car
Coda electric car
Coda electric car
Coda electric car
Coda electric car
Coda electric car
Coda electric car
Coda electric car

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