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California Electric Car Maker CODA Files For Chapter 11, Sold Only 100 Cars
CBS San Francisco ^ | 05/02/2013

Posted on 05/02/2013 3:30:15 PM PDT by SeekAndFind

Electric car maker CODA Holdings Inc. filed for bankruptcy protection Wednesday after selling just 100 cars and said it plans to quit the auto business altogether.

The Los Angeles-based parent of CODA Automotive filed for Chapter 11 bankruptcy protection in federal court in Delaware. A consortium of debtors plans to acquire CODA for $25 million, according to a company statement.

The company’s statement said it plans to concentrate on CODA Energy, an energy storage business founded two years ago, and exit the automotive business.

“CODA Energy’s products are based on the same core battery management technology found in its vehicles adapted for stationary applications,” the statement said. “One of the company’s installations in San Francisco, for example, helps a large hotel integrate solar power efficiently and avoid peak electricity charges.”

The 4-year-old company now has 40 workers. It furloughed around 50 but expects to call them back when the sale is completed.

CODA is the latest casualty in an electric vehicle market that has struggled to lure consumers who are skeptical of the short battery life, high price, and a lack of infrastructure that can require recharging stops of several hours on long trips.

(Excerpt) Read more at sanfrancisco.cbslocal.com ...


TOPICS: Business/Economy; Society
KEYWORDS: again; bankruptcy; california; electriccar

1 posted on 05/02/2013 3:30:15 PM PDT by SeekAndFind
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To: SeekAndFind

For some reasons, these “clean energy” companies are mostly based in California.....

FROM THE ARTICLE:

Last month, Anaheim-based Fisker Automotive Inc. confirmed it had laid off about three-fourths of its headquarters workers as it struggles with financial and production problems. Fisker, which makes the $100,000 Karma plug-in hybrid sports car, missed a crucial production target for a half-billion-dollar public loan.

It has sold fewer than 2,000 Karmas, despite early projections of 11,000 sales per year, and it hasn’t produced any cars since its battery supplier filed for bankruptcy protection last year.

Tesla Motors Inc., based in Palo Alto, sells an electric car that starts at $62,400 after a federal tax credit and can go up to 230 miles on a full charge, with pricier versions that can go 300 miles. Tesla has sales or service locations in 19 states but owes the government for a $465 million federal loan. The automaker announced its first-ever profit earlier this year.

The celebrated SOLYNDRA was also based in Fremont, California.


2 posted on 05/02/2013 3:32:28 PM PDT by SeekAndFind
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To: SeekAndFind

I’ll run thru a chigger and tick infested field and forest naked....IF Tesla repay’s their loan in full.


3 posted on 05/02/2013 3:36:55 PM PDT by Osage Orange (Life is a bitch. If it was easy, we would call it a slut)
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To: SeekAndFind

As they sink and vanish from the business landscape more companies are freeing themselves of the shackles of California by fleeing to more business friendly states.

Raytheon’s Space and Airborne Systems moving its divisional HQ from California to McKinney, Tx.

Link: http://bizbeatblog.dallasnews.com/2013/05/raytheon-moving-operation-from-california-to-mckinney.html/


4 posted on 05/02/2013 3:37:34 PM PDT by CharlesMartelsGhost
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To: Osage Orange

sounds about right


5 posted on 05/02/2013 3:48:06 PM PDT by Nifster
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To: SeekAndFind

Well this just can’t happen cuz Nobody, and I mean NOBODY makes Barack H Obama look like a possum’s pecker for backing “green” cars.


6 posted on 05/02/2013 3:52:20 PM PDT by Autonomous User (Pain Fades. Chicks Dig Scars. Glory, lasts forever.)
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To: Autonomous User

Nobody has to “make” obama the magnificent look like a possum’s pecker; he does a fine job of that all by himself.

FUBO, FAD, down with the democrat party


7 posted on 05/02/2013 4:07:26 PM PDT by RJS1950 (The democrats are the "enemies foreign and domestic" cited in the federal oath)
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