Coda A Start-Up Electric Vehicle Maker Raises $58 Million More Capital

SEE ALSO: Coda News
SEE ALSO: EV-MOTORING.COM

LOS ANGELES, May 19, 2010; Dana Ford writing for Reuters reported that California start-up electric car company Coda said on Wednesday it raised $58 million in its latest financing round, and would set up an office in Singapore.

New investors in the round included EDB Investments, an investment firm based in Singapore, and Leslie Wexner, chairman and chief executive of Limited Brands Inc.

Invested capital now totals more than $125 million, said Coda, which plans to use the money raised, in part, to support the market entry of the company's all-electric sedan.

The Santa Monica, California-based company has previously said it plans to sell a fully electric car with a range of up to 120 miles, priced in the low $30,000s.

It is expected to deliver 14,000 of the electric cars in California by the end of 2011.

Also on Wednesday, Coda said it would set up an engineering and design office in Singapore to help develop its car for right-hand drive markets in Europe and Asia.

The company will likely face stiff competition from big automakers like Nissan, Ford and General Motors, all of which are planning to launch electric cars soon. Small players like Tesla Motors already sell them.

Coda's battery joint venture secured $394 million in equity capital and loan commitments earlier this year.

Editing for Reuters by Gary Hill