Coda Automotive (Coda Holdings Inc.) has filed for Chapter 11 bankruptcy.
“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, Chief Executive Officer, CODA Holdings, Inc.
Last year, Coda was still optimistic, saying they had over 1,000 customers waiting on cars to be delivered. However, they only managed to sell around 100 Coda Sedans (we realized something was going on when not one member on the forum ended up buying a Coda Sedan)
Coda has been laying off staff, and hasn’t produced a single vehicle since it was initially put on sale. Apparently, Coda didn’t even pay for some of the components from their initial production run.
Coda is planning to continue, not in electric vehicles, but in energy storage by building storage utility solutions.
The CODA electric sedan had a retail price of $37,250. The Coda Sedan had an EPA rating of 88 miles to a charge provided by a 31 kWh lithium battery.
Coda Automotive has taken down their website and replaced it with their bankruptcy statement.
