Coda or Fisker? Which one of these once regarded green car start ups was going to file bankruptcy first? It was sadly a bit of a neck and neck race to the end, but Coda Automotive won this tragic journey, announcing today it was closing up shop, at least as far as electric vehicle development goes.
In a press release posted on its website where information about the Coda Sedan once existed, parent company Coda Holdings announced it will restructure its business to focus on the “growing” energy storage market through a Chapter 11 bankruptcy filing in Delaware. It expects the bankruptcy will last around 45 days, subject to completion of a sale and emerging from its shattered state “in a stronger position to execute its business plan.”
Coda noted it diversified its business plan two years ago, forming Coda Energy. This entity’s products “are based on the same core technology, which includes its proprietary battery management and thermal management systems, found in Coda’s vehicles adapted for stationary energy storage applications.” It goes on to mention it is “currently shipping product, and has a robust pipeline of new customers and existing installations in the field.”
The story of Coda Automotive goes back until late 2010, which at that time it announced its Coda Sedan, rated by the EPA for an 88 miles per charge range as well as a miles per gallon equivalent rating of 73 MPGe. The company struggled to actually get a production model out the door, finally crossing this threshold in March of last year. A chunk of the work done on the electric vehicles, including the installation of the vehicle’s central powertrain unit and other electrical components, were handled at a facility located approximately 30 miles from San Francisco. Other parts were being done, of course, in China.
Only around 100 of the electric sedans, pricing around $37,250 before rebates, were ever sold. Coda, besides overpricing the vehicle, was troubled in a vast array of ways over the last year plus, including a serious recall due to an issue with side-curtain airbags, massive layoffs and lawsuits. They periodically tried rebates and charger giveaways to try and boost sales, but it was all for nothing in the end apparently.