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Coda Cuts Staff as EV Sales Stall
Electric vehicle maker Coda Automotive Inc., which has been struggling to attract customers, says it is shedding 50 jobs, or 15% of its staff.
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Electric vehicle maker Coda Automotive Inc., which has been struggling to attract customers, says it is shedding 50 jobs, or 15% of its staff.
An unidentified company source tells Reuters that the job cuts include some of the key engineers who have been working on Coda's next model.
The Santa Monica, Calif.-based startup, which said in mid-September that it had delivered 100 vehicles, won't update that total. Early this year CEO Phil Murtaugh predicted Coda would sell at least 10,000 cars in the first 12 months of full production.
After many delays, the company began assembling the $38,100 Coda sedan in March. The car consists of a body made in China by Hafei Automotive Group and an electric powertrain installed by Coda in Benicia, Calif.
China's Lishen Power Battery supplies the Coda's batteries. A lack of funds forced Coda in March to cancel plans to open its own lithium-ion battery factory in Columbus, Ohio.
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