The parent of CODA Automotive filed for Chapter 11 Wednesday in a Delaware federal court. A consortium of lenders intends to buy it for $25 million and concentrate on the firm's energy storage business.
CODA is the latest casualty in an all-electric vehicle market that has struggled to lure consumers who are skeptical of the short battery life, relatively short driving range, high price and lack of infrastructure.
Last month, Anaheim, Calif.-based Fisker Automotive confirmed it's laid off about three-fourths of its headquarters workers as it struggles with financial and production problems.
Tesla Motors of Palo Alto, Calif., has yet to turn a profit.
MORE HBJ HEADLINES
After vote win, Greece’s Tsipras looks to rebuild talks Starbucks: Prices for some drinks to go up by 5 to 20 cents Death toll from defective GM switches rises to 121 Don’t twist that Oreo: Cookie gets skinny, ‘sophisticated’ Morning after: Greeks united, proud of their defiance Expensive steaks here to stay as drought cuts Canada’s herd
Our new comment system is not supported in IE 7. Please upgrade your browser here.