Paulson to advise e-car startup on China partners

Coda Automotive said former U.S. Treasury Secretary Henry Paulson will serve as an adviser to the startup electric-car maker on partnerships in China.

Paulson has "deep, personal relationships in China and unique insights into the country and its people," the Santa Monica, California-based company said today in a statement. Coda also said Paulson invested in the company earlier this year, without giving details.

Coda plans to deliver its first model, a sedan, next year. The company, which began operating in June, intends to make and distribute electric vehicles and battery systems for transportation use. Major automakers also are developing battery-powered cars and trucks as governments push for increased fuel efficiency and reduced emissions.

"Coda's non-capital-intensive business model and globally collaborative partnership strategy persuaded me to join the advisory board," Paulson said in the statement.

Paulson, 63, was Treasury secretary in President George W. Bush's administration, and his department in December allowed General Motors Corp. and Chrysler LLC to receive an initial $13.4 billion in funding from the Troubled Asset Relief Program. He also is a former chairman and chief executive officer of Goldman Sachs Group Inc.