Friday, July 19, 2024

Coda files for bankruptcy, hopes to sell its EV assets for $25 million


Coda files for bankruptcy, hopes to sell its assets for $25 million

We can’t say we were enthused with Coda Automotive’s ho-hum EV design, and we know the public wasn’t, either. Still, it’s hard not to lament the company’s fate now that its parent, Coda Holdings, is declaring Chapter 11 bankruptcy and getting out of the car market. The firm has had enough of production delays and slow adoption, and now it’s planning to sell its Automotive division through an auction that should net at least $25 million. What’s left of Coda will focus on energy storage, if and when it emerges from bankruptcy — not nearly as exciting a field, but likely more profitable. While the exit was far from unexpected, it reminds us that the modern EV business is more often defined by its casualties than its winners.

Filed under: Transportation


Via: Bloomberg

Source: Coda Automotive

Read more

More News