Green automaker Coda bites the dust as it files for bankruptcy protection in the wake of declining popularity for EVs.
Has anyone even heard of Coda? We aren’t too familiar with it ourselves but the news today surrounding it isn’t good. The small EV carmaker has announced that it has filed for Chapter 11 bankruptcy protection. The automaker laid off a good chunk of its staff a couple of months back in the hope of cutting costs and reorganizing things. Those efforts obviously proved futile. The Los Angeles-based company will continue to receive financing during the bankruptcy process by a group of lenders in order to allow operations to continue for the time being.
The plan, according to Reuters, is for Coda to exit the auto market with a plan to refocus its efforts on the energy storage field. Coda launched its only sedan a year ago for a price of $37,250. Although it had a 125 mile range, the car was small, had a dated design that resembles that of an old Toyota Corolla, and was even recalled due to faulty airbags. Coda was one of the three California-based EV startups in recent years, alongside Fisker and Tesla, but only the latter is now having success. Fisker, as we all know, is also in serious financial trouble and could file for bankruptcy any day now.