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Coda Automotive is getting a cash infusion of almost $300 million, allowing the California-based startup to speed up production of its electric vehicles and batteries with joint-venture partner Lishen Power Battery.


Coda and Lishen will have a $294 million line of credit with China-based Bank of Tianjin Joint-Stock Co. Ltd., Coda said in a statement today. The partners also have about $100 million in cash.


"This capital strengthens the strategic position of our joint venture and allows us to meet the rising global demand for automotive-grade lithium-ion battery and utility power storage systems," Coda CEO Kevin Czinger said in the statement.


With more cash at its disposal, Coda looks to strengthen its position as an independent automaker debuting its five-passenger sedan EV just as Nissan and General Motors does the same with their Leaf battery-electric and Chevrolet Volt extended-range plug-in hybrid later this year.


Coda hopes to deliver as many as 14,000 all-electric cars within its first year of production. The cars will come with a roughly $40,000 price tag - about 25 percent more than the $32,780 price tag Nissan put on its all-electric Leaf today. Buyers of both are eligible for substantial tax incentives to offset a portion of the price.


Coda has said the car will be capable of up to 125 miles of range on a single charge, with a top speed of about 90 miles an hour.

Tags: Coda, Emissions, Fuel Economy, Plug-ins and Electric, Tax Incentives, Coda Automotive Electric Sedan, Electric Vehicle, Lishen Power Battery, Plug-in, Zero-Emissions Cars

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Coda-Lishen Partnership Gets $294 Million Line of Credit for EV, Battery Production was originally published by Green Car Advisor. Read the full story by clicking here.