Electric Car Maker Seeks Bankruptcy Protection
by Joel R. Glucksman on May 14, 2013
Coda Automotive, an electric car maker seeks bankruptcy protection in a U.S. Bankruptcy Court in Delaware.
The company plans to exit the automotive industry altogether to focus its resources on energy storage, as the technology it currently uses to manufacture green vehicles is the same as that used to store power, according to the New York Times. Coda said that it's in "dire" financial trouble, and has sold fewer than 100 vehicles since March 2012. To add to matters, its first vehicle was delayed for a year as a result of regulatory issues, according to Detroit News.
In response to muted interest and sales, the company implemented a series of layoffs and was forced into several lawsuits for falling behind on bills to suppliers and lenders.
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