Blog Post

Electric car maker Coda closes nearly $150M

Coda sedan

Electric car startup Coda Automotive has raised close to $150 million in funding, the company announced late Monday. I think this is the same oversubscribed $125 million funding round that the company has been in the process of raising over the past year and which I first reported on in August 2010.

According to the press release Coda’s round was led by New World Strategic Investment Limited, and included new investors Indus Capital, Och-Ziff and other individual private investors. The round also included existing investors, and Coda has now raised more than $300 million. No word on if Morgan Stanley participated in the round, which is what then-Coda CEO Kevin Czinger told me a year ago.

Coda sedan

The company needs that level of funding to help it launch its inaugural all-electric sedan, which it was supposed to launch last year, but which it delayed and now plans to launch by the end of 2011. The company also was trying to get a loan from the Department of Energy’s Advanced Technology Vehicle Manufacturing program, but that program is now in jeopardy of being cut, and also never named Coda as an awardee.

Coda seems to be gearing up for its coming launch, and recently opened its first showroom in Westfield shopping center in Century City, Calif. (next to Los Angeles) earlier this month. At the same time Coda bought a battery management startup EnergyCS recently, which points to Coda’s desire to act as an energy storage company and an EV tech supplier.

Coda has a particular interest in China. Coda created a joint venture with Chinese battery maker, Lishen, last year and China’s Hafei Motor has also worked with the Coda team. Coda and Lishen have agreed to invest $100 million into the venture alongside a commitment for a $294 million line of credit from the Bank of Tianjin Joint-Stock Co. New CEO Phil Murtaugh previously launched GM’s Shanghai-based business and Murtaugh has said that Coda will be selling a car in the Chinese market as well as the U.S.

Check out our test drive video from a year ago:

Also watch our video interview with Coda from Green:Net 2011: