Coda announces deal for affordable electric cars with Great Wall Motors
Coda Automotive announced today, from the Beijing Auto Show, that parent company Coda Holdings had signed an agreement with Great Wall Motors to co-develop what the company claims will be the most affordable electric car on the market, with a price "comparable to entry-level internal combustion engine vehicles". Which means the company's goal is to shrink the price premium over equivalent gasoline cars.
Almost no information about this new car has been released at this time, other than it being affordable. Coda's partner in this venture, Great Wall Motors, is a large and fast-growing Chinese automaker, which delivered nearly 500,000 vehicles in 2011. The two companies say this will be "the first all-electric vehicle for worldwide development and distribution."
Great Wall already has distributors around the world, and recently opened a manufacturing plant in Bulgaria, but the company does not have any operations in the U.S. or Canada. Coda will handle distribution of the resulting vehicles in the U.S., while Great Wall will do so elsewhere. The initial target markets are Europe, China and U.S.