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PostPosted: Mon Apr 30, 2012 4:57 pm 
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LA based Coda Automotive has withdrawn its two year old request for a $334 million Department of Energy loan. Coda didn't believe the projected loan was going to be funded anytime soon.

The Department Of Energy's Advanced Technology Vehicles Manufacturing program has taken a lot of flak after denying Fisker Automotive parts of it's $500 million loan after years of waiting, and causing Bright Automotive to go under since the cash was never delivered. "We waited more than two years and our business continued to evolve past the point where the application where it stood with the Department of Energy made any sense for our business model," Beanum from Bright Automotive said. Surely that has caused Coda Automotive to be skeptical of a timely delivery or even denial of it's loan request.

The Department of Energy has only distributed about 1/3 of the $25 billion allocated for the loan program.

Earlier this week, Coda announced an agreement with Great Wall Motors to develop an electric vehicle for North America, Europe and China. The electric vehicle's target is to sell for less than any other EV and be competitive with entry level gasoline powered economy vehicles after tax credits and other electric vehicle incentives.


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PostPosted: Sat May 12, 2012 12:01 am 
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I can understand why Coda Automotive withdrew their DOE loan request. The DOE has been messing around so long with Fisker, and even caused some other electric vehicle company go out of business waiting for approval or even word of what was going on (I don't remember the company name now).

Plus - now that the 2012 Coda Sedan is available for purchase, why would they need to get a DOE loan? They've already spent the time and money developing the vehicle. If nobody buys it, then they've failed, but if people buy the Coda electric sedan then COda won't need money because it will be making sales.


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PostPosted: Thu Jun 07, 2012 6:22 am 
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Coda withdarws DOE loans do not require security or any property or home only they need candidates or debtors who widely-used to and making a wage. The transaction for the loan is usually subtracted from our records on the next DOE loan.


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PostPosted: Wed Jun 20, 2012 7:46 am 
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DOE Loan Guarantee Program allows the Govt Government to neck some of the economical threats of tasks that use new systems that are not yet founded in the professional industry or in tasks where there is little or no personal investment. That's what they did with the Coda Sedan application.


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PostPosted: Thu Feb 21, 2013 1:06 pm 
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There are lots of useful news mentioned in this post. Thanks for sharing....

It's a little bit similar to the Fusion Energi in a way.


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