Coda Automotive Raises $24 Million for Battery Development, EV Launch

EV-builder Coda Automotive said this morning that it has raised $24 million in a Series B private investment round and intends to use the cash for its battery manufacturing venture in China and for further development of the electric car it plans to launch in the California market next year.

The car, called the Coda, is a five-seat sedan based on a Chinese-market sedan but heavily reengineered to meet U.S. safety requirements and redesigned for U.S. market expectations. 

Coda said the investment round drew capital from a number of corporate executives as well as from Southern California clean-tech venture investor Angeleno Group; former Treasury Secretary Henry M. Paulson and Thomas F.Steyer, founder and co-managing partner of Farallon Capital Group.

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John O'Dell July 28, 2009, 9:49 AM

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Coda Automotive, Electric Vehicles