Tuesday, June 11, 2013

CODA Automotive Affiliates File For Bankruptcy

Two affiliates of Santa Monica-based CODA Automotive have filed for bankruptcy, following the electric car maker into bankruptcy proceedings, according to a report today from Reuters. Reuters said both Lio Energy Systems Holdings and Miles Electric Vehicles are looking to have their bankruptcy jointly administered with Coda Holding's bankruptcy. Coda had filed for bankruptcy last month. Miles Electrical Vehicles was the original name for CODA Automotive. Lio Energy was Coda's joint venture with Chinese firm Lishen Power Battery to develop lithium ion batteries for its cars.

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