With the latest round of funding, CODA has raised more than $125 million. The company plans to use the money not only for launching its first car, but also making lithium-ion batteries for powering the vehicles. Its investors include Aeris Capital, EDB Investments, Countyline and Angeleno Group.
The carmaker has also formed a joint venture, called Lio Energy Systems, with Chinese company Lishen Power Battery. CODA plans to manufacturer the chasis and batteries in China to take advantage of its cheap labor and deliver 14,000 cars by the end of 2011. Most of the car components would be assembled in China. Coda wants to do the final assembly in California and is looking for a location for the factory.