LA-based electric car company Coda fails after poor sales and low investment
US firm Coda Holdings has filed for Chapter 11 bankruptcy, after assembling just 100 Chinese-made EV saloons since 2010.
Coda claimed a 125-mile range for its $37,250 saloon, but the car was poorly received due to its dull styling and high price.
The manufacturer then hit trouble last year when it failed to raise further funding to combat falling sales.
Coda has about 40 active employees and the LA-based company will return to providing energy storage services, as it requires less investment than car production.
A group of lenders, coordinated by Fortress Investment Group, aim to acquire Coda for $25 million through the bankruptcy process.
Matt Bird