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PostPosted: Fri Mar 30, 2012 5:48 pm 
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Joined: Thu Mar 22, 2012 4:59 pm
Posts: 11
Yesterday Coda Automotive announced that it was abandoning plans to build a better battery factory in Columbus. The decision will mean that Ohio misses out on more than 1000 manufacturing jobs that would've been created by the battery factory.

Coda automotive announced its plan's for the Ohio factory two years ago and applied for a federal loan for $500 million to pay for the construction of the battery factory. Coda has been waiting ever since for the Department of Energy to act on the loan application which led many local leaders to become pessimistic that the project would ever happen

Coda senior vice president of government relations said in an e-mail "as any company grows it constantly needs to reevaluate its business plan to support its upward trajectory. Coda remains committed to job creation and is grateful for the leadership of the elected officials and public/private sectors of Ohio this order thus in the application process."

Coda ran into the same issues that Fisker ran into with the Department of Energy loans. Fisker also waited for more than two years Forest Department of Energy loan to be approved. The lack of communication and slowness of the loan processing has caused Fisker to have to look for private investments.

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PostPosted: Sun Jun 03, 2012 6:03 pm 
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Joined: Sun May 13, 2012 2:24 am
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wow a 500 million dollar loan to CODA automotive seems like a lot of money. "codasedannews" do you know the motivations that the government would have making a 500 million dollar loan other then earning some possibly risky interest? I am still in shock that just a battery factory for the CODA sedan would cost 500 million to establish. Could anyone here at the coda sedan forum estimate how much it would cost just to develop a car like this? How many CODA sendans would you have to sell just to cover the original 500 million investment?


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