Tuesday, April 24, 2012

CODA Inks EV Development Deal With Great Wall Motors

Santa Monica-based CODA Holdings, the developer of electric vehicles and battery systems, announced today that it has inked a contract with Chinese automotive producer Great Wall Motors Company, to jointly develop an all-electric vehicle for the worldwide market. CODA did not detail financials behind the deal, but said that the two will co-develop a new vehicle designed for the North American, Chinese, and European markets. The companies said the new, co-developed EV will be aimed at being the "most affordable EV on the market", at a cost comparable to entry-level, internal combustion engine vehicles. Great Wall is one of the fastest growing Chinese auto manufacturers, with shipments of nearly 500,000 vehicles in 2011. The two companies said that the new EV will be sub-assembled in Great Wall's manufacturing facilities in China, with final assembly of US vehicles at Coda's U.S. facility.