CODA: We Have 1,000 Reservations, And We Are Going To Take 15% Of The EV Market

2 years ago by Jay Cole 10

Perhaps Not The Best Electric Vehicle Slogan Ever

CODA has been flying under the radar since it puts its 88 mile (EPA) all electric sedan on sale in May of this year, and the company says that was its plan all along.   To begin with a “soft” start.

Well, no more.

Coda Dealerships - Still A Touch Small And Regional To Sell 3,000 Sedans

CODA states that it has just recently delivered its 100th car, and that the company is getting serious by adding more dealers, additional marketing and more production.

“March through July was a soft launch; new car, new company, new manufacturing process, new everything. Now as we get into real production ramp-up we need to add some dealers.” – Chief Executive Officer Phil Murtaugh

In addition to more production for the US (much of the car and the battery are built in China), CODA is looking to expand its dealership network from the five it currently has to thirty.

While the company won’t say how many CODA sedans they will sell now that they ‘are serious‘ about the business, they do state they expect to take 15% of the non-luxury electric vehicles sales.  Clearly the company does not want to have to compete against the 20,000 Model S EVs that Tesla says it will put out next year.

CODA Sedan Interior (Click To Enlarge)

The overall pure electric vehicle market (no extended range plug-ins) is expected to be between 12,000 and 15,000 this year, and between 30,000 and 40,000 next year.  If we assume Tesla can actually sell 20,000 units next year, that still leaves about 20,000 other EVs, with CODA hoping to pick up 3,000.

However, of those would be 3,000 sales, CODA says they have already have a third in the queue, with 1,000 orders on the books for customers waiting on delivery.

CODA’s CEO comments on the EV market in general – “Two years ago, there was excessive euphoria about the potential for electric vehicles.  Now it’s swung the other way to excessive pessimism. The reality is there’s going to be steady, gradual growth.”

While 1,000 reservations is certainly an impressive accomplishment (provided they can convert those into deliveries), a price adjustment might be needed from the $37,250 the current sedan starts at in order to hit their ambitious goals.

Looking ahead, CODA hopes to add another 20 dealers (to the 30 it doesn’t have yet) as it plans to expand outside of California and into the EV-friendly state of Oregon, and Florida.

The company also plans an all new offering, in conjunction with China’s Great Wall Motor company for the second quarter 2014, as well as another round of financing.  CODA has already raised over $320 million dollars, including an investment from former U.S. Treasury Secretary Henry Paulson.

Lets hope the next car from CODA and Great Wall is a little more…visually appealing.

All Part Of The Marketing Plan - A Gray Coda Sedan Visits Dismal Beach On Overcast Day

 

Hmmm, A Little Better CODA PR Guys, But Still Far From Sexy

Source: Bloomberg

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10 responses to "CODA: We Have 1,000 Reservations, And We Are Going To Take 15% Of The EV Market"

  1. Schmeltz says:

    The car itself looks like it was plucked from a 1980′s car lot. And remind me again of what they cost…isn’t it like $45,000 base price?

    Seriously?

    1. Jay Cole says:

      Starts at $37,250 (+$895 delivery). Probably should have peppered that info into the story…will add now.

      1. Eric Cote says:

        So it starts at roughly the same price as the Volt, but without all the nice features and sleek styling? Hmmm…

  2. Shawn Marshall says:

    For folks who must live with a 50 mile range(one way, discounting for hot and cold weather, ssuming charging at destination) 40k is way too much moola. They could get a nice little Kiaa or two at 40+ mpg and have lots of money to buy gas. so the CODA is strictly an ecomaniac prestige sell . Still wouldn’t be an easy sell at 25k would it?
    When and if there is a 200 mile battery pack that’s affordable, EV sales will finally start to do something.

  3. Marc Lee says:

    Love the captions…second one made me think “buying this car is liking taking a plunge off a cliff… with your surfboard!”

    I did get a peek at the CODA in the DC car show, and I can report it is as homely in person as it is in pics. Still, in the <$40k club they do offer beaucoup battery bang for your buck… 31 kWh. Assuming 27 kWh usable and 4 mi/kWh – 6 mi/kWh you are looking at a range of 108-162 miles. That could be the difference for someone with a long commute and no charging opportunites at work, which right now is probably most people. And those with long commutes are exactly the ones that EVs make the most sense for because they have a shorter pay back period. Trust me I know we are putting about 18.5k miles on two cars each year!

    If these start ups can pull it off my hat is off to them. But as Elon Musk is finding out, successfully launching a rocket is nothing compared to successfully launching a car company.

  4. Ty Coon says:

    Correct Mr. Lee. But Elon doesn’t have to overcome other entreched profitable rocket companies.

    Which, I suppose was your point.

  5. MrEnergyCzar says:

    It looks like an old Corrola. I’d be surprised if Coda makes it.

    MrEnergyCzar

  6. Bonaire says:

    Probably 3% better looking than a Nissan Leaf in my range of scales.

  7. Herm says:

    Lots of people here that care about what a car looks like.. folks, its about the same price as a Volt or Leaf, and cheaper than a loaded Prius plug-in.. and it beats them all in electric range and probably battery durability. The Coda uses a LiFePO4 chemistry, it can take lots of abuse.

  8. SPIKE says:

    If low price was the only factor when someone buys a new car, then the $12.5K SmartForTwo would be the best selling car in the USA!

    So what if electric cars are $10K more expensive than comparable gas cars. Many drivers pay much more than that for the privilege of driving an expensive car.

    “You wish you could afford an EV” is all I got to say!