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Author Topic: U.S. electric car maker Coda files for bankruptcy Back to Topics
kx250

Champion Author
Michigan

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Message Posted: May 1, 2013 4:18:20 PM

U.S. green car startup Coda Holdings Inc filed for Chapter 11 bankruptcy protection on Wednesday after selling just 100 of its all-electric sedans, another example of battery-powered vehicles' failure to break into the mass market.

The filing with U.S. Bankruptcy Court in Delaware will allow the Los Angeles company to exit the auto sector and refocus on energy storage, a far less capital-intensive business. The company uses the same technology it used in cars to build systems for utilities and building operators to store power.

A group of lenders led by Fortress Investment Group LLC plan to extend debtor-in-possession financing and will seek to acquire the company for $25 million through the bankruptcy process, Coda said in a statement.

Coda launched its five-passenger electric car in
Visit reuters for full article
REPLIES (newest first) Post a Reply
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ClarkSC
Champion Author South Carolina

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Message Posted: May 3, 2013 3:56:58 AM

It's about time.
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52MPG
Champion Author Dayton

Posts:9,852
Points:2,343,750
Joined:Apr 2006
Message Posted: May 3, 2013 3:38:51 AM

EV's still need better technology.
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DrCashFlow
Champion Author Massachusetts

Posts:9,557
Points:2,212,585
Joined:Jun 2008
Message Posted: May 3, 2013 3:21:21 AM

not the first. won't be the last
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rahcat
Champion Author Grand Rapids

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Message Posted: May 3, 2013 12:00:45 AM

Another wonderful chapter in the world of EV's.
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beachd8
Champion Author Orange County

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Message Posted: May 2, 2013 10:48:26 PM

DanMTz: Just what I was thinking!
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DanMtz
Champion Author Oakland

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Message Posted: May 2, 2013 7:42:45 PM

With a name like Coda, you knew the end was near.
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slicerette
Champion Author South Bend

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Message Posted: May 2, 2013 5:40:30 PM

This is not a U.S. made electric car - according to Bloomberg "The Coda sedan’s chassis is built in Harbin, China, through a partnership with Hafei Motor Co., with final assembly in Benicia, California. Lithium-iron-phosphate cells for its 1,000- pound (454-kilogram) battery pack are from LIO Energy Systems, a joint venture of Coda and China’s Tianjin Lishen Battery."- bloomberglaw
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slicerette
Champion Author South Bend

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Message Posted: May 2, 2013 5:07:09 PM

Yes Chinese EV "CODA" did get U.S. Gov't Money!
Codas qualified for the U.S. Federal Income Tax $7500.00 Rebate.

If you bought a Coda and had a U.S. Tax bill you got a rebate up to $7500. I estimate a "rich guy" would be making over $100,000. to have a tax bill over $7500 to get the benefit of the full $7500 U.S. Fed. Income Tax rebate. So- Pres. Obame is giving a special U.S. Federal Tax Rebate to the well-off.

Maybe my Senator - Debbie Ann Stabenow (D-MI) should have specified that American built EV's qualify for the $7500.00 U.S. Federal Tax Rebate. I guess she didn't read her bill before she passed it.
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mrselfdestruct
Champion Author Arkansas

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Message Posted: May 2, 2013 3:40:12 PM

Obamas should have played "another one bites the dust" at his inauguration.
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MadFueler
Champion Author Winston-Salem

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Message Posted: May 2, 2013 1:01:48 PM

I've never heard of 'em either, and perhaps therein lies the problem - at least one of the problems, anyway.

ThunderbuckYT: Welcome to GasBuddy! At least the Trabi's can be regarded as a kind of commie kitsch; not so sure about this one.
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Skunk63
Champion Author Phoenix

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Message Posted: May 2, 2013 11:56:46 AM

They failed all on their own without the assistance of the taxpayers. The way it should be.
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FluffyDogAttack
Champion Author Riverside

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Message Posted: May 2, 2013 11:49:07 AM

Wishful thinking + good intentions do not equal a good business plan.

Thankfully the latest fad of "Green Marketing" has some limitations.
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highdesertman
Champion Author Albuquerque

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Message Posted: May 2, 2013 11:16:51 AM

Should be no surprise since the Coda is a car that no one has ever heard of. Just be glad there is no government money involved this time.
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FPLREP
Champion Author Virginia

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Message Posted: May 2, 2013 8:01:32 AM

Green car and bankruptcy seem to be synonymous.
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SUNOIL
Champion Author Toledo

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Message Posted: May 2, 2013 7:00:28 AM

Another one bites the dust
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el_fr
Champion Author Massachusetts

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Message Posted: May 2, 2013 6:58:54 AM

So ow much did Obama gives these guys?
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Nancy&Len
Champion Author Cleveland

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Message Posted: May 2, 2013 5:43:02 AM

Obama will come to their rescue with some of his stash.
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millerin
Champion Author Orlando

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Message Posted: May 2, 2013 4:38:52 AM

not good
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Bussman
Champion Author Dallas

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Message Posted: May 2, 2013 3:24:49 AM

Another one bites the dust, hey hey, another one bites the dust.
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Previvor
All-Star Author Virginia

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Message Posted: May 2, 2013 2:37:51 AM

Never heard of them
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iFueler
Champion Author Durham

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Message Posted: May 2, 2013 1:54:32 AM


     electric cars in the near term are a VERY SMALL niche market
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JohnofGB
Champion Author Flint

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Message Posted: May 2, 2013 1:06:03 AM

Any government loans of taxpayer money here?
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BIGOILEATURCRUD
Champion Author North Carolina

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Message Posted: May 2, 2013 12:57:12 AM

Mitt says it is Right.
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busybee49
Champion Author Ohio

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Message Posted: May 2, 2013 12:49:30 AM

And another one bites the dust.
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leeac
Champion Author Ohio

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Message Posted: May 2, 2013 12:39:52 AM

EVs are here to sray.
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Migstern
Veteran Author Washington

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Message Posted: May 2, 2013 12:39:31 AM

Maybe the government should consider hiring the group from "Shark Tank" to listen to pitches before they dole out money.

[Edited by: Migstern at 5/2/2013 12:40:42 AM EST]
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charg3rguy1991
Champion Author Greensboro

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Message Posted: May 2, 2013 12:33:06 AM

Bad business to be in from the begining, small gas turbos are the future
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MrLefty0706
Champion Author Chicago

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Message Posted: May 2, 2013 12:15:37 AM

They should not receive any bailout monies.
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Robert44
Champion Author Columbus

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Message Posted: May 1, 2013 11:54:50 PM

Another green goes away. GOOD BYE TO YOU
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Bttlecat
Champion Author Oklahoma City

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Message Posted: May 1, 2013 11:50:24 PM

$300,000,000 to produce 100 automobiles and now bankrupt. A real nice breakthrough, only 3 million a car to produce, and sell it for $35,000(a no frills car at that); nice business model.
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skinsfan125
Champion Author Virginia

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Message Posted: May 1, 2013 11:37:27 PM

what? no more bailouts?
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moosejoose
Sophomore Author Orlando

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Message Posted: May 1, 2013 11:34:44 PM

Now the dominoes will start falling
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GOGUYGO
Sophomore Author Akron

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Message Posted: May 1, 2013 11:13:42 PM

It is a USA car no one will buy it, ship the jobs over seas then we will buy.
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Night Owl
Champion Author Toronto

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Message Posted: May 1, 2013 10:45:05 PM

Yet another green company bites the dust.
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SammyAdams
Champion Author Tallahassee

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Message Posted: May 1, 2013 10:35:35 PM

From the article: "Consumers have been slow to gravitate toward electric vehicles (EVs) as a result of their high cost, and fears about their driving range."

=============================================================

The very first word in this snippet, "consumers", tells all. These vehicles might have some merit, but if the buying public is NOT buying, then it doesn't matter what is being said or who gives his approval.

People "vote" every day in the election of the free market. They vote on what they will spend their money. There are winners and there are losers. The winners have won, because they seduced the market with a product that is (at least) perceived to be superior. The losers will just need to produce a better product or get another loan from BO.
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beachd8
Champion Author Orange County

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Message Posted: May 1, 2013 10:21:00 PM

I'm shocked! (okay, it's a bad pun)
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jl1rp
Champion Author New Hampshire

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Message Posted: May 1, 2013 9:54:42 PM

EV car companys are dropping like flys.
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Grizdad
Champion Author Montana

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Message Posted: May 1, 2013 9:41:31 PM

Madness...
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A_NY_Outlaw
Champion Author Albany

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Message Posted: May 1, 2013 9:39:40 PM

Wonder how many millions Obama gave out this time.
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TomT2Lee
Champion Author Cincinnati

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Message Posted: May 1, 2013 9:36:27 PM

That explains why my tax payer wallet felt a deeper violation.
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USMCturtlehead
Champion Author Lexington

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Message Posted: May 1, 2013 9:18:36 PM

Figures it's hard to sell overpriced vehicles with limited use.
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JDchefF
Champion Author Lancaster

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Message Posted: May 1, 2013 9:12:31 PM

Never heard of it in PA, I guess green is not the real way to go right now.
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LanguageMan1
Champion Author Tampa

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Message Posted: May 1, 2013 8:59:36 PM

Doesn't really surprise me.
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joopieVZ
Sophomore Author Grand Rapids

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Message Posted: May 1, 2013 8:38:18 PM

too small to bail out
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csblesson
Champion Author Texas

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Message Posted: May 1, 2013 7:58:26 PM

Bail them out $$$$$$$
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priver
All-Star Author Alberta

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Message Posted: May 1, 2013 7:55:06 PM

2 bad..
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qwerty17
Champion Author New Jersey

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Message Posted: May 1, 2013 7:51:31 PM

uh oh, electrics are in trouble.
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ThunderbuckYT
Rookie Author South Dakota

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Message Posted: May 1, 2013 7:43:06 PM

There was a big problem with Coda: their cars were ugly as sin, looking only marginally more attractive and current than the old East German Trabants.

I still think EVs have a niche, and a future. The trouble is, when you ask most people if they like they want an electric car, and that it will only cost them maybe $5 to "fill" the car, they'll say "sign me up!". But when they realize that EVs have a million little compromises, the enthusiasm starts to fade.

1) EVs don't refill in 10 minutes the way combustion cars do. If you're just going to work and can plug in there, it may not be a problem, but if you like to take road trips, it's going to require some planning.

2) If you're committed, expect to spend a few thousand to get a special quick-charger wired into your garage. Don't have your own garage? Sorry, you're pretty much boned.

3) You may be paying less to run the car, but you sure pay a lot up front. Basically, you're paying a few years' worth of fuel up front just to cover the additional cost of the battery.

I think things will get better. Electric utilities are starting to look at schemes where excess power can be routed to devices with lots of storage capacity, like electric cars. If you've got a couple of million cars plugged in at the same time, and you've got an excess load to shed, giving those cars a cheap top-up sounds like a no-brainer. There's even some cool ideas around using the EV's batteries to power your house in the event of a major power outage. Stuff like this might just make EVs more viable in the long run.

But it would help if they looked cool, too.
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sillywagon
Champion Author New York

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Message Posted: May 1, 2013 7:30:39 PM

To quote the movie "Field of Dreams"

"If you build it dinky, he will not come."
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rich13251
Veteran Author Toledo

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Message Posted: May 1, 2013 6:55:21 PM

easy come, easy go
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