Coda Files for Bankruptcy


  • 2012 Coda Sedan Picture

    2012 Coda Sedan Picture

    Electric car maker Coda filed for Chapter 11 bankruptcy on Wednesday. | May 01, 2013

Just the Facts:
  • Electric car maker Coda filed for Chapter 11 bankruptcy protection on Wednesday after its Coda sedan failed to catch on with consumers.
  • Coda said in a statement on its Web site that the move will allow it to leave the automotive sector and focus on the company's energy storage business.
  • The $38,145 Coda sedan struggled to gain acceptance in a market populated by such vehicles as the Nissan Leaf and Ford Focus Electric.

LOS ANGELES — Electric car maker Coda filed for Chapter 11 bankruptcy protection on Wednesday after its Coda sedan failed to catch on with consumers.

Coda said in a statement on its Web site that the move will allow it to leave the automotive sector and focus on the company's energy storage business.

"After concluding a comprehensive review of our strategic options, the board of directors, management team and senior lending group have concluded that focusing on the company's energy storage business presents the best opportunity moving forward," said Phil Murtaugh, Coda Holdings Inc. CEO.

Coda builds systems for utilities and building operators to store power. Coda said it has "a robust pipe line of new customers and existing installations in the field."

The $38,145 Coda sedan struggled to gain acceptance in a market populated by such vehicles as the Nissan Leaf and Ford Focus Electric. The five-passenger sedan is based on an existing Chinese model. The Coda sedan hit the market last year. The company sold approximately 100 vehicles since the car's launch, according to media reports.

The Coda sedan had a rocky safety history. Coda recalled 78 2012 Coda sedans for an improperly installed airbag.

The 2012 Coda sedan received a four-star overall crash-test rating from the National Highway Traffic Safety Administration, with a rating of two stars for a frontal crash.

The Coda sedan has an EPA-rated range of 88 miles per charge. It returns the miles-per-gallon equivalent of 77 in city driving and 68 on the highway, according to the EPA.

Edmunds says: After the Coda bankruptcy filing and Fisker Automotive's ongoing woes, will Tesla Motors be the last of the California electric start-ups?

Leave a Comment
ADVERTISEMENT
ADVERTISEMENT

Marketplace

up2drive

Get Pre-Approved for a Loan


Car.com

Credit Problems?
We can help you get Financing!

ADVERTISEMENT