CODA Declares Bankruptcy, Shifts Gears Away from Electric Cars
In a statement, the company announced that it was filing a voluntary petition to restructure its business under Chapter 11 of the U.S. Bankruptcy Code, and that CODA would emerge from bankruptcy with a business strategy focused on what it calls "the growing energy storage market." CODA diversified its business two years ago, forming CODA Energy, which adapts the same technology used in the Coda electric car for stationary energy storage applications.
Coda delivered its first electric car in March of 2012, and had sold approximately 100 units of the model to residents in California, the only state in which it was offered for sale. The Coda was based on a Chinese compact car called the Hafei Saibao--an older design by famed Italian design-house Pininfarina that did not fare well in federal crash tests. The car offered an EPA-rated range of 88 miles per charge.