CODA Automotive has raised $76 million in a new round of financing to support the production of its all-electric sedan and fund its battery manufacturing facility, Automotive News reports.
Existing investors increased their contribution, while new investors were found, including Harbinger Capital Partners, Philip Falcone's hedge fund and private equity firm Riverstone Holdings LLC.
That brings CODA's total invested capital to more than $200 million.
The CODA sedan, which was unveiled at the 2010 Los Angeles Auto Show and scheduled for market release in the third quarter of 2011, comes with a lithium-iron phosphate battery capable of powering the electric motor that produces 134 horsepower and 221 lb-ft of torque. A fully-charged battery offers a range of 144 to 193 kilometres.
The car will be sold in the United States for $37,500 after a $7,500 government rebate and include a 3-year/36,000-mile new vehicle limited warranty plus an 8-year/100,000-mile limited battery warranty.
Source: Automotive News
Existing investors increased their contribution, while new investors were found, including Harbinger Capital Partners, Philip Falcone's hedge fund and private equity firm Riverstone Holdings LLC.
 |
| Photo: CODA Automotive |
That brings CODA's total invested capital to more than $200 million.
The CODA sedan, which was unveiled at the 2010 Los Angeles Auto Show and scheduled for market release in the third quarter of 2011, comes with a lithium-iron phosphate battery capable of powering the electric motor that produces 134 horsepower and 221 lb-ft of torque. A fully-charged battery offers a range of 144 to 193 kilometres.
The car will be sold in the United States for $37,500 after a $7,500 government rebate and include a 3-year/36,000-mile new vehicle limited warranty plus an 8-year/100,000-mile limited battery warranty.
Source: Automotive News