EV Startup Coda Gets $76 Million Funding

The California electric-vehicle (EV) startup Coda said it raised $76 million, bringing investment in the company to $200 million as it prepares to begin production.

Recent months have been a bit rocky for Coda. It had been aiming to to have its four-door, five-passenger sedan EV in the market in 2010 but then pushed that back to the second half of this year. Then came a management shakeup. Plus, there’s more than a little skepticism out there about the viability of a vehicle that’s priced a few thousand dollars more than the Chevy Volt and well over $10,000 more than the Nissan Leaf.

Coda four-door sedan, electric vehicle

image via Coda

Not to worry, Coda mentionedin its funding announcement. Steven “Mac” Heller, the company’s interim co-chairman and one of the sources of that fresh $76 million, said, “The caliber of our investors speaks volumes about our business model and the opportunity that exists within the electric vehicle and battery industry.”

The battery reference is to CODA’s joint-venture with lithium-ion cell maker Lishen. CODA said it is eying several sites in Ohio for the construction of a battery manufacturing plant with Lishen.

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Pete Danko is a writer and editor based in Portland, Oregon. His work has appeared in Breaking Energy, National Geographic's Energy Blog, The New York Times, San Francisco Chronicle and elsewhere.