Gasgoo.com (Shanghai May 16) - According to reports appearing in the overseas media, American electric vehicle and battery manufacturer Coda's request for bankruptcy protection has already received official approval this Tuesday. In a recent report appearing in the China Business News, Great Wall Motor, which signed a cooperation agreement with Coda last April, has officially commented on the issue. In an official statement, a representative from Great Wall told reporters that Coda's declaration of bankruptcy will not have "any noticeable impact" on the manufacturer.
Established in 2009, Coda is based out of Los Angeles, California. It manufactures and sells Coda branded automobiles and EV drive systems, as well as deal in the energy industry. Following approval of bankruptcy protection, Coda has announced that it will leave the automobile industry to focus on its energy storage business.
Last April, Coda and Great Wall signed a cooperation agreement to jointly develop and sell EVs in China. According to the agreement, Coda would develop and supply drive systems, which would then be outfitted in Great Wall-produced vehicles scheduled for mass production and sale in 2014. Commenting on the issue, a representative from the Chinese manufacturer stated that, "after the agreement was signed last April no noticeable progress was made… therefore, their declaration of bankruptcy has absolutely no impact on Great Wall's future development."
A representative from Harbin-based Hafei Motor, whose parent Changan Automobile signed a similar cooperation agreement with Coda in 2010 to jointly sell its Saibao EV in China and the US, also stated that the company's bankruptcy would not severely affect their plans. "As far as Hafei is concerned, there might be a few less export sales to overseas markets, but [the news] will not influence our domestic business strategy," the representative commented. The representative added that the manufacturer is awaiting for the right opportunity to announce the domestic release of the Saibo EV, which has already been exported to the US.
