The newest investors in Coda’s portfolio included EDB Investments, an investment company based in Singapore, as well as Leslie Wexner, who is the chairman and chief executive of Limited Brands.
The new funds bring the invested capital for Coda Automotive to a total of $125 million, with the money partially being destined for supporting the market launch of the company’s electric vehicle.
In addition to that, Coda’s development strategy will see the company establish an engineering and design office in Singapore. This will be dedicated to developing the upcoming all-electric sedan for right hand drive markets around the world.
The CODA Sedan, which is based on the Chinese Hafei Seibao, is powered by an electric motor developing 134 hp and a torque of 300 Nm. This uses a lithium-ion battery pack, which has been developed by the company’s partner, Lishen. The car needs 11 seconds to reach 62 mph and will offer an electronically limited top speed of 80 mph. In the U.S., the EV will have a standard price of $45,000, but this can be reduced using state incentives, with the actual price expected to be situated between $30,000 and $40,000.
The vehicle will be introduced in California, with its market debut scheduled for the fourth quarter of the current year. The company has set itself a sales target of 14,000 units, by the end of next year.
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