Coda Raises $58 Million In New Financing Round
Coda announced today that they have raised an additional $58 million in financing, with the funds coming from Singaporean firm EDB Investments and Leslie Wexner (Chairman and CEO of Limited Brands Inc (LTD.N)). Coda have also announced plans to set up a Singapore office to work on the development of right hand drive electric vehicles for Asia, Europe, Australia and New Zealand.
The 4-door all electric Coda sedan is scheduled to hit North American roads in early 2011 with an initial run of 14,000 cars and will face stiff competition from automakers like General Motors (GM.N), Nissan (7201.T) and Ford (F.N). Coda has been widely criticised for the notably bland appearance of its first car, a criticism it has largely dismissed as meaningless and they might just be right. The similar looking Toyota Corolla is the best selling car of all time with 35 million of them sold and one more being sold every 40 seconds (on average), so perhaps looks are less important that convenience and reliability.
Coda is targeting a price tag of approximately $30,000 USD for the sedan which would drop it right into Nissan Leaf territory, in this instance the huge brand name recognition enjoyed by Nissan would be a major hurdle for the Coda team to overcome, although as Coda is a California based company they will almost certainly play the “Buy American Made” card very heavily.
What do you think? Would you buy one of these or would you go for the Nissan Leaf?