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Well, who'd have thought a no-name, $40,000 Chinese electric car would fail? We've been waiting for Coda Automotive to declare bankruptcy—not in the mean-spirited, anti-EV trash talk you see on cable news, but as a matter of pure dollars and sense. From the moment mainstream automakers like Nissan and Ford announced they would sell EVs, Coda was doomed. After filing with the U.S. Bankruptcy Court in Delaware, Coda said it wanted to continue supplying batteries for utilities and commercial buildings. It's automotive arm will be put into mothballs. Three years ago, the Los Angeles–based startup was coming up alongside Tesla Motors and Fisker Automotive, all of which billed themselves as leaner, savvier automakers against the post-bailout mess of Chrysler and GM. (With Fisker in its dying throes, now only Tesla remains as a functioning member of the automotive world.) Coda pulled talent from all over the industry, instilling former GM China president Phil Murtaugh as its CEO. Its technology was impressive at a time when the EV market was still in the infancy of its formative years: The company's 31-kWh lithium-ion battery had a claimed best range this side of a Tesla Roadster, at an EPA-estimated 88 miles; its on-board charger carried double the capacity of the Nissan Leaf's; and the 85-mph top speed looked just fine, too. But the potentially impressive tech was never realized. Just 100 cars were sold from Coda's four California dealers since production started in March 2012. There are a number of contributing factors to the brand's demise—including an application for a $334 million federal loan that was denied—but none more apparent than Coda's decision to use a cheap Chinese sedan, the Hafei Saibao, which uses a Mitsubishi architecture, as its foundation. (And, thanks to an NHTSA two-star frontal crash test rating, drivers of the Coda sedan likely didn't fare much better than the company.)
For $38,145, Coda incorporated all the charm of a late-'90s Daewoo Nubira for the price of a well-equipped Audi A4. It tried dressing up the Saibao's dated styling with a custom front fascia and LED running lamps, yet there was no cruise control or auto up-and-down power windows. We're not sure how other American electric upstarts like Detroit Electric, which will make use of EV components developed by Chinese automaker Geely, will survive following Coda's meltdown. With the Nissan Leaf and the Fiat 500E priced under $30,000 before rebates, these sorts of newborn automakers will need to ensure they have all their ducks in a row now more than ever. from Car and Driver Blog http://blog.caranddriver.com | |||
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Thursday, May 2, 2013
Coda Automotive Declares Bankruptcy: Who’da Thunk It?
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