Coda Files for Bankruptcy Protection
Electric cars are making headlines the past few weeks as Uncle Sam is questioning them about how they used their allowances. Coda Holdings has already called it quits though, after having sold only a hundred or so cars.
The electric car startup has filed for bankruptcy protection today with the U.S. Bankruptcy Court in Delaware. The company will use this to restructure itself away from the electric car business and back into clean energy.
The Coda electric sedan was a trick car to sell. It lacked awareness and with the looks from a 90s budget car, it was never going to win heart and minds. The model was priced at around $37,000 before factoring in tax rebates and promised to deliver a range of up to 125 miles (200 km) per charge. In January, they announced it would be available for just $24,995 in California, but even that failed to move customers in a big way.
With Fisker looking to be firmly out of the game, this leaves General Motors, Nissan and Tesla in the running.
By Mihnea Radu