Fisker isn't the only electric car manufacturer that's failed to live up to expectations: today the parent company of Coda Automotive announced that it is filing for Chapter 11 bankruptcy protection, and will be exiting the car business altogether. Bloomberg reports that Coda Holdings hopes to sell its assets to an affiliate of Fortress Investment Group for around $25 million. A statement from the company explains that "This process is intended to enable the Company to complete a sale, confirm a Plan and emerge from bankruptcy in a stronger position to execute its new business plan." The company expects said sale to be completed with 45 days.
Coda Automotive — which sold less than 100 units of its namesake electric vehicle since it...
via The Verge - All Posts http://www.theverge.com/2013/5/2/4295102/electric-car-manufacturer-coda-files-for-chapter-11-bankruptcy
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