SAN FRANCISCO, March 30 California electric
start-up Coda Automotive said on Tuesday that its battery joint
venture has secured $394 million in equity capital and loan
commitments, and is looking at setting up a U.S. battery
Coda said that it, together with its Chinese joint venture
partner Lishen Power Battery, has added $100 million in equity
capital and has secured a line of credit for $294 million from
Bank of Tianjin Joint-Stock Co, a Chinese bank.
The privately held company is planning to sell a fully
electric car with a range of up to 120 miles, priced in the low
$30,000s, Coda Automotive President and CEO Kevin Czinger told
Reuters in an interview.
The company plans to deliver 14,000 of the electric cars in
the California market by the end of 2011.
For U.S. production, Coda's battery joint venture is
considering sites in California, Ohio and North Carolina,
"We are looking at sites and DOE funding as well."
The U.S. department of Energy has various funding programs
aimed at encouraging the development and commercialization of
(Reporting by Poornima Gupta; Editing by Richard Chang)