Its been struggling for a while now, and it seems that CODA Motors nearing the end of its extension cord and about to be unplugged. The electric vehicle market isn’t exactly what automakers were hoping for, and it takes a special mix to have a successful sales tactic.
CODA Motors didn’t have it. CODA started with a single model, electrifying an older-model Corolla body, which got only two stars out of five in the latest National Highway Traffic Safety Administration crash tests. The 33.8kWh battery pack offered excellent range at 120 miles, but with all the other limitations, CODA wanted to charge some $45,000. Just for comparison, the luxury Tesla Model S with a 40kWh battery, which starts at $52,500, is worlds apart.
CODA Motors‘ sales have reflected these problems, and haven’t climbed out of the hundreds, and the most recent activity seems to indicate that it’s nearing the end of the line for the fledgling company. Recently, some 15% of the workforce was laid off, and now the flagship showroom in the Westfield Century City Mall, Los Angeles, CA has been sold. Tesla Motors is taking over the location in its slow, but steady, expansion.
How long can CODA Motors hang on is anyone’s guess, but there seems to be little hope unless a new source of capital can be found and a better product can be sourced. There have been rumors that a newer body might be forthcoming, but this remains to be seen. Which investor would be crazy enough to get into this player’s game now? CODA Motors seems to have a great idea, but the market just doesn’t seem to agree.
