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Coda Sheds More Employees
Electric vehicle maker Coda Automotive Inc. says it will furlough an unspecified number of its remaining 275 employees for three months as part of a new round of cost cutting.
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Electric vehicle maker Coda Automotive Inc. says it will furlough an unspecified number of its remaining 275 employees for three months as part of a new round of cost cutting.
The ailing Santa Monica, Calif.-based start-up says it will keep enough workers to keep the company operating. Coda shed 50 employees in December.
The company began producing the $38,100 Coda sedan in March after many delays. Hafei Automotive Group produces the body in China, and Coda installs an electric powertrain in Benicia, Calif.
The company said in mid-September that it had delivered 100 vehicles, but it has declined to update that total since. Coda, which set a goal of raising $500 million in fresh capital last year, also won't say how much financing it received.
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