The race to develop the first mainstream all-electric car welcomed another runner yesterday, as California-based Coda Automotive emerged from stealth mode with the unveiling of its first electric car and a pledge that the four-door sedan will be available by autumn 2010.
The company said the car, which will be manufactured by China-based Hafei, will use a lithium-ion battery and boast a range of up to 120 miles between charges, making it suitable for 94 per cent of daily journeys.
"The Coda sedan is an all-electric vehicle for everyone," said Kevin Czinger, president and chief executive of the company. "It's a practical revolution for real drivers who need reliable transportation."
The car will be available from $45,000 (£28,000), although tax breaks will take the price down to around $37,500, putting it in direct competition with rival manufacturer Tesla's planned Model S, which is expected to retail at around $49,000.
The Model S has faced delays while Tesla awaits approval for the loan required to build a new production facility in California. However, the company announced last month that it has secured additional funding from auto giant Daimler and has already received 1,000 orders for the Model S, which it still hopes to launch in late 2011.
Alongside the unveiling of the new car, Coda also announced that it has launched a joint venture alongside its battery supplier, Tianjin Lishen Battery Joint-Stock, whicb will see the two companies co-operate on the development of new power storage systems.
Czinger said that the long-term agreement with Lishen meant that the company would be well positioned to cope with expected growth in demand for electric vehicles and eventually open manufacturing facilities in the US.
"The uncertainty of battery supply is an issue that plagues many electric vehicle manufacturers today," he observed. "This long-term agreement has enabled us to design an integrated battery system with an existing world-class partner with mass manufacturing capacity. That enables us to rapidly industrialise Coda's power system for commercial volume production and to scale the business. "
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