Coda Automotive Raises $25 Million to Build Electric Vehicles

The capitalization for Coda 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 car sedan to U.S. consumers in 2010.”

Coda has said it will sell an electric car assembled in China, starting in November. “Over time we’re looking to build our electric cars and the batteries here in the U.S.”.

The company will have capacity from a plant owned by Hafei Motor Co. initially for 1,400 electric vehicles from November to January, Mosher said. He said Coda aims to sell 20,000 of the four seaters electric vehicles, with a top speed of 80 miles per hour, during 2011. The electric car is powered by a lithium-ion battery. Coda has said the car will sell for about $45,000, after a federal tax rebate.

Headquartered in Santa Monica, Calif., CODA is working to reduce dependence on foreign oil and leading the way to a cleaner future by building 100% electric cars and battery transportation systems. CODA works in a smart, inter-dependent way with highly proficient companies from around the world to quickly and efficiently bring electric drive technology to market, jump start the electric car movement and turn the car industry into a cause industry.
Through its exclusive transportation battery joint venture with Lishen Power Battery, CODA is also a leading designer and large-scale manufacturer of power battery systems. The American invented, globally built CODA electric car will be available to consumers in 2010.