Coda Automotive

Coda Automotive

CODA Automotive, Inc.
CODA Automotive Inc Logo.jpg
TypePrivate
IndustryAutomotive, Battery[1]
Founded2009
HeadquartersLos Angeles, California[1]
Key peoplePhilip Murtaugh (CEO),
Ashoka Achuthan (CFO),
Steven “Mac” Heller
(Executive Chairman)
ProductsCoda Car[1]
Employees118[2]
ParentCODA Holdings[2]
WebsiteCODA Automotive
CODA Energy

CODA Automotive Inc. is a privately held American company headquartered in Los Angeles, California , that designs, semi manufactures, and sells electric vehicles (EVs) and Lithium-iron phosphate (LiFePO4) battery systems built for automotive and power storage utility applications.[1] Miles Automotivepartnered with Harbin-basedHafei and Qingyuan Electric Vehicle Co. to establish Coda Automotive as an affiliate company.[3][4] Lithium-iron phosphate batteries are much more powerful than Lithium-ion batteries and they last for nearly 15 years. The word CODA is amusical term that denotes the concluding passage of a piece of music, from the Italian word coda (tail). CODA Automotive has said that it chose the name because its electric vehicle technology represents an end for combustion engine vehicles and the start of the electric vehicle era.[5]

CODA’s first vehicle, the Coda all-electric sedan, is a four-door, five passengerelectric car powered by a battery pack that delivers a United States Environmental Protection Agency rated range of 88 mi (142 km), the longest among its class, and second only to the Tesla Roadster among electric cars available in the U.S.[6] The electric car was released in March 2012,[7] and initially is available only in California.[8][9]

In June 2009, CODA announced the creation and funding of LIO Energy Systems,[10] a global joint-venture with Lishen Power Battery. LIO Energy Systems was formed with the purpose of designing, manufacturing and selling battery systems for electric vehicles and utility applications. LIO Energy Systems will supply battery systems to CODA Automotive for use in the all-electric CODA, to other automotive OEMs globally, and to renewable energy producers, utilities and other power storage customers.

Contents

[hide]

  • 1 Corporate strategy and partners
  • 2 Models and products
    • 2.1 Coda all-electric car
  • 3 Battery production and distribution joint-venture
  • 4 Financial history and investors
  • 5 Board of Directors[26]
  • 6 Board of Advisors[27]
  • 7 Awards
  • 8 References
  • 9 External links

[edit]Corporate strategy and partners

CODA employees at HQ in Santa Monica, CA

CODA Automotive’s goal is to accelerate the adoption of electric vehicles and renewable energy technology globally. To this end, CODA has focused on improving performance and safety, reducing cost and commercializing production of battery systems built for automotive applications, which it views as the “chief enabling technology” for all-electric cars. To reduce the cost of building its vehicles, CODA controls all core design and engineering work internally while partnering with established automotive manufacturers and suppliers around the world. CODA’s supply chain partners include BorgWarner, UQM Technologies, EnergyCS, Continental Automotive Systems, Porsche Design Studios, Delphi, Celgard, Novolyte Technologies, OMITEC, Lear, Hella, Hafei and Lishen. In total, CODA has more than thirty suppliers and partners on four continents.[11]

Chinese car maker Great Wall Motors is supposed to have a joint venture with Coda.[12]

[edit]Models and products

CODA made its consumer auto show debut at the Los Angeles Auto ShowNovember 19–28, 2010.[13] As part of an ongoing commitment to educate consumers about sustainability and green energy technology, CODA will host a series of educational seminars throughout the show, ultimately reaching more than 600 students. Like its business model and car, CODA’s booth was a break from tradition and was designed to showcase the company’s brand identity. “Zen meets Tech” is the overarching aesthetic theme. The booth was constructed largely out of eco-friendly materials. The walls are constructed from salvaged Picklewood that was collected from various sites in North America. The floor is made from recycled rubber, the graphics are printed on recycled papers with eco-friendly inks and live plants have been incorporated. A central element of the booth is the “Commitment Wall” which visitors will populate with their thoughts on sustainability, the environment and green technology. A large media wall showcased a variety of videos about CODA, its employees and the benefits of electric vehicles.

[edit]Coda all-electric car

Main article: Coda (electric car)

CODA electric car badging

CODA’s first car is an all-electricfour-door, five passenger battery electric vehicle (BEV), the CODA sedan. The car is powered by a 31kWh lithium ion iron phosphate (LiFePO4) battery system that is substantially larger than that of other vehicles in its class.[14] According to the US Environmental Protection Agency (EPA), the Coda’s 31 kWhlithium ion iron phosphate (LiFePO4) battery system delivers a range of 88 mi (142 km), the longest among its class. EPA’s rated the Coda’s combined fuel economy at 73 miles per gallon gasoline equivalent(3.2 L/100 km).[6][15] The car is backed by a 3-year, 36,000 mile limited warranty[16] and the battery system is backed by an 10-year, 100,000 mile limited warranty.[17]

CODA announced that net price will be US$37,250 before any electric vehicle federal tax credit and other state and local incentives that are available in the U.S.[17] Initial deliveries of the vehicle were planned for December 2010 but were pushed back to the second half of 2011 as CODA decided to have more time available to ensure the quality of the car,[18] and later were again re-scheduled for late 2011.[8] The latest market launch was slated for February 2012,[19] but the first deliveries to retail customers in the United States took place in March 2012.[7] Initially the electric car is available only in California.[8]

[edit]Battery production and distribution joint-venture

CODA has a global joint-venture with Lishen Power Battery, a global battery cell supplier to Samsung, Motorola and Apple, for the design, manufacture and sale of battery systems called LIO Energy Systems. The name was selected because “LIO” is the reverse spelling of “oil.” Together, CODA and Lishen developed a lithium iron phosphate battery cell for transportation and utility applications including renewable energy (wind and solar power) storage.[20] LIO Energy Systems currently operates a manufacturing facility in Tianjin and plans to build a U.S. facility in Columbus, Ohio.[21] Initially, the CODA will be the primary recipient of the battery systems produced by LIO. LIO’s production capacity will total 1.4 billion amp hours in Tianjin, China at full scale. With the completion of the Ohio plant, total capacity will reach two billion Ah (6.3 million kWh) of energy storage.[22]

In May 2010 U.S. Secretary of Commerce Gary Locke visited the LIO Energy Systems facility in Tianjin as part of the Obama administration’s first cabinet-level trade mission to China. Commenting on the visit, Locke said “International green technology partnerships can produce rapid job growth back home and deliver energy solutions abroad, and CODA’s venture proves it.”[22]

[edit]Financial history and investors

Kevin Czinger and Miles Rubin founded Coda in 2009. Early funding raisedUS$125 million.[23] On January 6, 2011 Coda announced the first close of aUS$76 million Series D investment round, bringing the company’s “total invested capital” to more than US$200 million.[24] Lio Energy Systems, CODA’s joint venture with Lishen, is funded by a US$100 million equity investment by the partners and has entered into “cooperation agreements” for “up toUS$327 million of long-term credit.”[25].

Coda’s investors include:

  • Aeris CAPITAL – a private Swiss investment office
  • Harbinger Capital Partners – private hedge fund based in New York City, New York.
  • Riverstone Holdings – a private equity firm based in New York City, New York.
  • Piper Jaffray – a U.S. middle-market investment banking firm based in Minneapolis, Minnesota
  • Angeleno Group – a Los Angeles based private equity firm
  • EDB Investments (EDBI) – an investment firm headquartered in Singapore
  • Countyline LLC – an investment entity owned by Tony Pritzker and J.B. Pritzker
  • John Bryson, former U.S. Secretary of Commerce and adviser at Kohlberg Kravis Roberts[23]
  • Miles L. Rubin – Founder and Chairman Emeritus of CODA Automotive; former CEO of Detroit Iron & Steel Industries, Reliance Manufacturing, Puritan Fashions Corp. and Polo Ralph Lauren Jeanswear
  • Steven “Mac” Heller – Executive Chairman of CODA Automotive; former Goldman Sachs Head of Mergers & Acquisitions, Worldwide and Co-Head of the Investment Banking Division[23]
  • Tom Steyer – Managing Director of Hellman & Friedman, a San Francisco private equity firm; Founder, Co-Managing Partner and Chief Investment Officer of Farallon Capital; member of the Board of Trustees of Stanford University[23]
  • Klaus Tschira, founder of SAP AG[23]
  • Les Wexner – Chairman and CEO of Limited Brands
  • Henry “Hank” Paulson – former U.S. Secretary of the Treasury, former Chairman and CEO of Goldman Sachs and special representative of the U.S.-China Strategic Economic Dialogue[23]
  • Mack McLarty – (Thomas “Mack” McLarty) Former Chief of Staff for President Bill Clinton, President of McLarty Associates and McLarty Companies, a transportation business based in Little Rock, Arkansas[23]
  • Kevin Czinger – Senior Strategic Advisor, CODA Automotive; Former President and CEO at CODA Automotive, executive at Global Signal, Webvan Group, Bertelsmann AG, and Goldman Sachs

[edit]Board of Directors[26]

  • Miles L. Rubin – Founder and Chairman Emeritus, CODA Automotive; former CEO of Detroit Iron & Steel Industries, Reliance Manufacturing, Puritan Fashions Corp. and Polo Ralph Lauren Jeanswear
  • Steven “Mac” Heller – Executive Chairman, CODA Automotive; former Goldman Sachs Head of Mergers & Acquisitions, Worldwide and Co-Head of the Investment Banking Division
  • Alan Chesick – Acting Legal Advisor of CODA Automotive, former general counsel of Fortress Investment Group
  • Daniel Weiss – Co-Founder and Managing Partner at Angeleno Group LLC, a leading Los Angeles-based private equity firm focused on high growth investments in the energy sector
  • John Bryson – Former Chairman, CEO and President of Edison International from 1990 through 2008, a director at The Boeing Company, The Walt Disney Company, and the California Institute of Technology
  • Niall Davis – One of ten founding partners of Swiss aeris CAPITAL AG, a large global private equity firm
  • Philip Murtaugh – CEO, CODA Automotive; former Chairman and Chief Executive Officer of GM China, EVP International Operations of SAIC
  • James P. McGinnis – Managing Director, Harbinger Capital Partners
  • Lord John Browne – Managing Director and Managing Partner of Riverstone Holdings LLC, President of the Royal Academy of Engineering, Chair of theTate, Member of the House of Lords}}

[edit]Board of Advisors[27]

  • Mack McLarty – (Thomas “Mack” McLarty) Former Chief of Staff for President Bill Clinton, President of McLarty Associates and McLarty Companies, a transportation business based in Little Rock, Arkansas
  • Dr. Thomas Cardello – Partner of Sunrise Capital, an institutional fund manager, Advisory Director and former MD of Global Electronic Derivative Market making for Morgan Stanley
  • Dr. Michael Wang – Manager of the Systems Assessment Section of the Center for Transportation Research at Argonne Labs, serves as a senior advisor to the Chinese government on new vehicle technology and alternative energy production
  • Henry “Hank” Paulson – former U.S. Secretary of the Treasury, former Chairman and CEO of Goldman Sachs and special representative of the U.S.-China Strategic Economic Dialogue
  • Thomas F. Steyer – Managing Director of Hellman & Friedman, a San Francisco private equity firm; Founder, Co-Managing Partner and Chief Investment Officer of Farallon Capital; member of the Board of Trustees of Stanford University
  • Woo C. Lee – Head of Asia for the advisory firm JL Thornton & Company, formerly a U.S. diplomat at American embassies in China, Japan, Australia and Southeast Asia
  • Thomas R. McDaniel – Director of SunPower Corp., SemGroup, LP, Cypress Envirosystems, and the Senior Care Action Network and Formerly executive vice president, chief financial officer and treasurer of Edison International
  • Kevin Czinger – Senior Strategic Advisor, CODA Automotive; Former President and CEO at CODA Automotive, executive at Global Signal, Webvan Group, Bertelsmann AG, and Goldman Sachs

[edit]Awards

Lung disease advocacy group Breathe California named CODA a Clean Air Award winner in the technology development category on April 19, 2010.[28]

Silicon Valley networking organization AlwaysOn selected CODA as one of the top privately held companies focused on green technology in its GoingGreen 100 list for 2010.[29]

[edit]References

  1. ^ abcdCODA Holdings Celebrates Global Headquarters Grand Opening Ceremonies with California Governor Jerry, PRNewswire, 2011-11-10, retrieved 2011-11-17
  2. ^ ab“#95 CODA Holdings”.Forbes. 2011-11-30.
  3. ^ Lienert, Paul (June 4, 2009).”China-Made Hafei Saibao Heads to U.S. – Rebadged as Coda Sedan”. Edmunds.com, Inc.. Retrieved July 13, 2012.
  4. ^ Abuelsamid, Sam (June 3, 2009).”Miles EV launches Coda Automotive for full speed electric sedan”. AOL Inc.. Retrieved July 13, 2012.
  5. ^“CODA Automotive The All-Electric Car Company”. CODA Automotive. Retrieved 2011-11-19.
  6. ^ abU.S. Department of Energy andU.S. Environmental Protection Agency (2012-03-09). “2011–12 Electric Vehicles – 2012 Coda”. Fueleconomy.gov. Retrieved 2012-03-11.
  7. ^ ab Danny King (2012-03-19).”Coda sells first three battery-electric cars to California customers”.Autoblog Green. Retrieved 2012-03-19.
  8. ^ abc Brad Berman (2011-04-25).”First Coda Electric Car Deliveries Now “Late Fourth Quarter” 2011″. PluginCars.com. Retrieved 2011-04-27.
  9. ^“L.A. auto show: Coda pushes EV launch back to second half of 2011”. Autoweek. Retrieved 2010-11-18.
  10. ^ Chris Woodyard (2010-05-25).”CODA to build big plant in Ohio – if grants come through”. USA Today. Retrieved 2010-06-23.
  11. ^ Kevin Czinger. “Funding a Movement of Positive Energy”. CODA Automotive. Retrieved 2010-06-23.[dead link]
  12. ^“Not yet: Look before you leapfrog”, The Economist, May 5, 2012, retrieved 2012-05-13
  13. ^ CODA Automotive. “CODA Automotive Makes Auto Show Debut in Los Angeles”. PRNewswire. Retrieved 2010-11-17.
  14. ^“How the 2011 Coda Sedan hopes to compete with the Nissan Leaf”.
  15. ^ Sebastian Blanco (2012-03-08).”Coda get official EPA numbers: 73 MPGe with an 88-mile range *UPDATE”. Autoblog Green. Retrieved 2012-03-11.
  16. ^“CODA Automotive Launches Direct-to-Consumer Sales of Its All-Electric, Zero Tailpipe Emissions Sedan”. PRNewswire. 2010-09-21. Retrieved 2010-09-21.
  17. ^ ab Nikki Gordon-Bloomfield (2011-11-16). “2011 LA Auto Show: Coda Releases Pricing, Details on 2012 Sedan”. Green Car Reports. Retrieved 2011-11-16.
  18. ^ Katie Fehrenbacher. “Coda Pushes Back Sales Date of Electric Sedan”. Reuters. Retrieved 2010-11-20.[dead link]
  19. ^ Eric Loveday (2012-01-02). “Coda Electric Sedan to Make Showroom Debut in February, Sales to Follow”. PluginCars.com. Retrieved 2012-01-06.
  20. ^“Who is Lio?”. Lio Energy Systems. Retrieved 2010-06-23.
  21. ^“Some Roads to US Electric Car Batteries Go Via China”. The Wall Street Journal. 2010-05-22.
  22. ^ ab“Global Energy Experts James P. McGinnis and Lord John Browne Join CODA’s Board of Directors”.
  23. ^ abcdefg Dumaine, Brian (September 24, 2012). “Heavy Hitters Make An Electric Car”.Fortune: 89-92.
  24. ^“CODA Holdings Raises $76 Million in Series D Initial Closing”. Retrieved 2011-01-06.
  25. ^“Commerce Secretary Gary Locke to Visit CODA’s Electric Car and Clean Energy Storage Battery Manufacturing Facility”. PR Newswire.
  26. ^“List of CODA Board of Directors”. Retrieved 2010-06-23.[dead link]
  27. ^“List of CODA Board of Advisors”. Retrieved 2010-06-23.[dead link]
  28. ^ Sam Abuelsamid. “Breathe California gives clean air award to CODA Automotive”. CODA Automotive. Retrieved 2010-06-23.
  29. ^“AlwaysOn names CODA a GoingGreen 100 winner”. Retrieved 2010-06-23.

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