Coda was a fledgling EV company in California with big hopes for its sedan.
In the one EV endurance race that you want to lose, the company that makes the Coda announced today that it is filing Chapter 11 of the U.S. Bankruptcy Code after selling only 100 electric cars. Coda said it would now concentrate on energy storage rather than electric vehicles. The privately held Coda used a generation old car based on a Mitsubishi sedan that was partially assembled in China and converted to an EV in northern California.
Fisker is also on the verge of bankruptcy, having missed a payment on a controversial U.S. Department of Energy loan last month. Coda accepted no such taxpayer funds.
“We believe the restructuring process that we have order valium online no prescription entered into today will enable the Company to complete a sale and confirm a Plan that maximizes the value of its assets, serving the best interests of our stakeholders,” said Phil Murtaugh, Chief Executive Officer, Coda Holdings, Inc.
Coda diversified its business and formed Coda Energy two years ago using the same proprietary lithium ion battery management and thermal control systems found in Coda’s vehicles but adapted for stationary energy storage applications.
Coda Energy designs and builds energy storage products that it claims are optimized for generation, distribution and behind-the-meter applications for commercial, residential and industrial end users.
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