Electric carmaker Coda Automotive Inc filed
for bankruptcy Wednesday as part of a reorganization that would see
it exit the auto business and focus its efforts on energy storage.
The demise of the Los Angeles-based company underlined the
challenges facing the electric vehicle sector in the United States,
where the only company to have succeeded in creating a well-selling
product is Tesla Motors Inc.
Its main competitor, Fiskar, is reportedly also on the verge of
bankruptcy while sales of Nissan's all-electric Leaf have been
disappointing as US customers grapple with the high price of electric
vehicles and their limited range compared with petrol-powered cars.
Only 5,000 electric vehicles were sold in the US last year through
August, compared with 6,300 a year earlier, the Bloomberg financial
news agency said.
Coda chief executive Phil Murtaugh said the company would seek to
sell its assets to a group led by Fortress Investment Group. In its
bankruptcy filing, the company listed assets worth as much as 50
million dollars and debt of up to 100 million dollars.
The Coda compact cost more than 37,000 dollars and had an average
range of 142 kilometres per charge. Its chassis and battery pack were
both built in China.
