Coda Automotive gives up on DOE Loan

2012 Coda Sedan

After announcing a partnership with Great Wall Auto last week, Coda Automotive has apparently withdrawn it’s request for a $334 million Department of Energy loan.

Coda was skeptical that the DOE’s Advanced Technology Vehicles Manufacturing loan would ever be funded. According to Coda Auto’s vice president of government affairs Forrest Beanum, Coda Automotive was going to use the funds to build a factory in Columbus OH. After the issues that Fisker and Bright Automotive received in trying to get their approved loan funds, Coda Automotive decided to cut their losses and stop using resources to pursue the loan (Bright Automotive went bankrupt waiting more than 2 years for loan funding).

Perhaps the partnership with Great Wall Auto has something to do with the decision. Great Wall Motors will build an electric Coda Sedan follow-up model for the North American, European and Chinese markets with a price on target with entry level gasoline powered sedans.

The first Coda Sedan electric vehicles were sold last month to customers in California. The Coda Sedan costs $39,900 and has an 88 mile all electric driving range. The longer-range version of the Coda Sedan is set to become available later this year.