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Coda Automotive Has $58M Investment Round
In brief: Coda Automotive held a $50 million Round C investment series, which quickly expanded to $58M due to investor interest.
Vehicle in the news
Make/Model: Coda Sedan
Manufacturer: Coda Automotive
Coda now sports over $125 in total investments and is geared towards putting out the all-electric Coda Sedan by the end of the year. The company hopes to have 14,000 units sold by the end of 2011.
The investment round included input from Singapore-based firm EDB Investments. Coda plans to set up a design firm in Singapore to act as the right-hand-drive (European/Asian market) design house for their vehicles.
The real question is whether Coda can actually make those sales, especially with competition from Nissan and Chevrolet as well as limited sales areas (the Coda will be only be available in California and select cities nationally).
And so ...
Time will tell, but it appears that several investors are interested in the company, which says something.
Photo credits: Coda
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