Santa Monica-based Coda Automotive has just closed a third round of funding that brings its investment total to $74 million. Coda declined to name the investor(s) in this round, just as it names angel investors but no VC or other deep pockets in its previous announcements.
The company, a spinoff from Miles Electric Vehicle, plans to start shipping its cars this fall. They’re not the hottest-looking cars ever, but they’ll win lots of green points and the standard four-door-econoblob design will probably offer a much confusing view for parallel parking than a Prius.
Coda claims its cars will have a real-world range of 90 to 120 miles, and be recharged at any standard 110 or 220 volt power outlet. A 40-mile commute charge takes two hours.
“This range should satisfy 94% of Americans’ daily driving routines,” says the company’s press kit. Coda’s challenge will be getting buyers to admit they don’t really go on road trips or drive up mountains like in TV ads.
Coda’s known investors are Miles Rubin, Coda founder and co-chairman; Angeleno Group, Southern California’s largest cleantech-focused venture firm; Piper Jaffray, a Minnesota-based investment bank; Steven “Mac” Heller, Coda co-chairman; Kevin Czinger, Coda president and CEO; John Bryson, former chairman and CEO of Edison International and Coda board member; Thomas “Mack” McLarty, former Chief of Staff for President William J. Clinton; Henry M. Paulson, Jr., former U.S. Secretary of the Treasury under President George W. Bush; and Thomas F. Steyer, Farallon Capital Management founder and co-managing partner.