CODA Automotive Begins Taking Deposits On Cars

Santa Monica-based CODA Automotive is now taking deposits on the firm's upcoming, electric car, the CODA Sedan, the firm said today. According to CODA, it will allow consumers to reserve a CODA, via a fully refundable, $499 deposit at the firm's web site. CODA said it anticipates it will start delivering a limited number of vehicles by the end of 2010. As part of the direct to consumer push, CODA said it will also be allowing consumers to drive CODA sedans throughout California starting next month, at "Ride and Drive" events. In addition to taking reservations for the sedans, Coda said it would be pricing the CODA Sedan as low as $37,400, after Federal tax savings and before California state incentives. The firm also said it is in the midst of developing leasing and financing options for the vehicles. CODA has raised more than $125M in capital in three round of funding to develop its products so far.