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Company Raises $76M Toward New Electric Car

Southern California electric car and battery maker Coda Holdings has raised $76 million of new investments for the production of its all-electric flagship vehicle.

SANTA MONICA, Calif. (AP) -- Southern California electric car and battery maker Coda Holdings has raised $76 million of new investments in preparation for the production of its all-electric flagship vehicle.

The Santa Monica-based company said Wednesday that the new funds bring its total invested capital to more than $200 million as it looks to begin production of the four-door, five-passenger Coda Sedan and to develop its Lithium-ion battery systems.

New investors in the company include Harbinger Capital Partners, and current investors who contributed include company founder and co-chairman Miles Rubin.

The company had planned to start selling the sedan in 2010 but has delayed the beginning of production until the second half of this year.
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