Just a year after celebrating the first production unit to emerge from its assembly line, CODA Holdings Inc. – developer of the CODA Automotive electric vehicle – has filed for Chapter 11 bankruptcy.
‘After concluding a comprehensive review of our strategic options, the board of directors, management team and senior lending group have concluded that focusing on the company's energy storage business presents the best opportunity moving forward,’ said Phil Murtaugh, the company's CEO.
CODA had formed its CODA Energy subsidiary two years ago in order to separate its battery management and thermal management systems work from the EV piece of the business. These technologies were developed for transportation applications, but CODA intends to apply them to stationary energy-storage applications after finding a buyer and emerging from bankruptcy.
The CODA EV, which came to the market last year with an MSRP of $37,250 and a 125-miles all-electric range, had been available only in a few California metros.