Coda Automotive Inc. reiterated that development of its electric car is on track and that it will go on sale as scheduled in the second half of this year in California. Coda is backed by billionaire Philip Falcone.
At a briefing in Beijing, CEO Philip Murtaugh said that the cars will be sold at an “unbelievable value.” He explained that as the company is only concerned with one car, the company will be able to remain “completely focused on the electric-vehicle business.”
When former Goldman Sachs Group Inc. executive Kevin Czinger resigned as chief executive, Coda decided to delay plans to export Chinese-made electric vehicles to the U.S. until the second half of 2011 from December.
Murtaugh, who was instrumental in establishing General Motor Co.’s Chinese operations, was named to the position in January. Murtaugh said that Coda intends to sell 50,000 vehicles by 2015, most in the U.S. Coda is one of several new companies, including Tesla Motors Inc. and Fisker Automotive, that bank on the mass market adoption of electric vehicles.
Major automakers including Nissan Motor Co. and General Motors have also launched electric cars. Coda claims on its website that its electric car can travel 120 miles (193 kilometers) on a full charge of its lithium battery pack and that the average charge time is six hours.
Coda based the car on a Mitsubishi Motors Corp. chassis and it is made in Harbin, China, through a partnership with Hafei Motor Co. [via autonews - sub. required]