Coda Automotive Raising Money to Finish Electric Car

Coda Automotive, an electric vehicle developer in Santa Monica, Calif., with a battery joint venture in Tianjin, China, is seeking fresh capital to complete work on its first model, the electric Coda Sedan. Christopher Rose, the company’s senior vice president for corporate development, said on the sidelines of the Berkeley-Stanford Cleantech Conference in San Francisco last weekend that the $50 million investment the company was seeking would be used “to finish the car.”

In early January, regulatory filings showed Coda had raised $76 million of a planned $125 million round, bringing the company’s total investment to more than $200 million. At the time, the company said the financing would go toward 2011 sales and marketing efforts, as well as preparations “for start of production” and additional equity investment in the lithium-ion battery plant Coda has set up with its joint venture partner Lishen Power Battery in Tianjin.
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