backtop


Print


CODA EV
Another one bites the dust...

It's no secret that automotive manufacturers making only electric cars are having a very difficult time in the current automotive market. The problem is that most consumers simply aren't ready to purchase electric automobiles due to range anxiety and the typically higher cost upfront to purchase an electric vehicle.

Recently, there've been some high-profile problems in the green electric car market, such as the failure of Fisker. Electric carmaker Coda has now filed for bankruptcy. Coda could be a company you've never even heard of, it's a manufacturer of electric cars built in China that has only sold 100 units since it was founded in 2012.
 
Coda Holdings, the auto manufacturer's parent company, filed for bankruptcy protection on Wednesday in Delaware. Coda hopes to sell its assets to a publicly traded private equity group called Fortress Investment Group. The price tipped for the sale is $25 million. Coda currently lists assets worth $50 million with the debt of $100 million.

"After concluding a comprehensive review of our strategic options, the Board of Directors, management team and senior lending group have concluded that focusing on the Company's energy storage business presents the best opportunity moving forward," said Phil Murtaugh , Chief Executive Officer, CODA Holdings, Inc.  "We believe the restructuring process that we have entered into today will enable the Company to complete a sale and confirm a Plan that maximizes the value of its assets, serving the best interests of our stakeholders."

Coda certainly isn't as high-profile as Fisker and unlike Fisker, Coda didn't receive any government loans. Coda was on shaky ground to begin with producing cars with looks of decades past constructed in China with electric powertrains installed in California.

"Focusing on the company's energy storage business presents the best opportunity moving forward," said Phil Murtaugh, CEO of Coda Holdings. "We believe the restructuring process that we have entered into today will enable the company to complete a sale and confirm a plan that maximizes the value of its assets, serving the best interests of our stakeholders."

Source: USA Today





"This is about the Internet.  Everything on the Internet is encrypted. This is not a BlackBerry-only issue. If they can't deal with the Internet, they should shut it off." -- RIM co-CEO Michael Lazaridis







Latest Blog Posts
The Best Android Apps
Saimin Nidarson - May 20, 2017, 6:16 AM






botimage
Copyright 2017 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki