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Thursday, 22 July 2010 7:29 P.M.

CODA Automotive Launches Direct-to-Consumer Sales of Its All-Electric, Zero Tailpipe Emissions Sedan

Deposits Now Accepted At Newly Redesigned Website; Initial Pricing Details and Framework of Unique Consumer Acquisition Experience, Service Infrastructure and Retail Model Announced

SANTA MONICA, Calif. -- CODA Automotive, a California-based, American-engineered electric car and battery company, today announced that it is accepting deposits for its 100% electric, four-door, five-passenger sedan designed to meet the majority of American drivers' daily transportation needs without using an ounce of gasoline. Drivers looking to jumpstart the electrification movement can now reserve a CODA(TM) with a fully-refundable $499 deposit at www.codaautomotive.com. Details of CODA's Effortless Care customer ownership experience were also announced.

The all-electric CODA Sedan(TM) is capable of up to 120 miles of dependable, all-season range(i), and has a price as low as $37,400(ii), after federal tax savings up to $7,500(iii). The car will qualify for additional California state incentives, including up to a $5,000 tax rebate as available through the state's Clean Vehicle Rebate Project, and HOV access through 2015. CODA also currently plans to begin selling vehicles in Hawaii in the third quarter of 2011, where the car will be eligible for a $4,500 tax rebate offered in the state. CODA is finalizing the details of a program that is expected to offer consumers competitive leasing and financing options. CODA expect that fleet sales may comprise approximately 40% of total sales. Specific details will be announced later this year.

"We are excited to begin offering our friends and neighbors a vehicle that meets their day-to-day driving needs, reduces their ownership costs and satisfies their desire to be better stewards of the environment," said Kevin Czinger, President and CEO, CODA Automotive. "From putting clean, emissions-free miles on our highways, to supporting thousands of new jobs nationwide, our current partners and future customers are uniquely positioned to be a signature catalyst in the electrification movement."

The CODA Advantage: Best-in-Class Performance at a Competitive, Attainable Price Delivered Through a Transparent, Direct-To-Consumer Acquisition Experience

Unique to CODA's innovative approach is its customer-centric sales, acquisition and service model designed to make the ownership experience effortless for consumers. The company plans to transform the traditional automotive industry approach through its unique retail and educations centers. Initial flagship locations are planned in Santa Monica and the San Francisco Bay Area, with additional satellite stores located in high-traffic shopping centers throughout the state. The locations will focus on consumer education and test drives while a direct-to-consumer delivery model will eliminate the additional costs associated with a more standard dealer model.

A CODA "valet" service will be available to all CODA owners providing an effortless ownership experience by acting as the primary point-of-contact for questions or service needs for every original CODA electric car owner. In the event service is required, a CODA Valet(TM) will interact directly with a world-class network of authorized service providers and CODA-trained technicians so CODA owners don't have to. CODA is establishing six geographically targeted, CODA-operated service centers to perform necessary warranty and battery system repairs while scheduled maintenance may be performed at more than 20 select Firestone Complete Auto Care(TM) locations in California.

For added piece-of-mind, every CODA will come standard with 24/7 CODA Roadside Assistance(iv) and a call-center concierge service facilitated by a team of trained experts equipped to perform remote diagnostic evaluations, schedule service appointments and mobilize emergency services in the event of an accident. In addition, CODA owners will receive a courtesy loan vehicle provided by Enterprise Rent-A-Car during warranty repairs or scheduled maintenance appointments.

CODA Sedan: 40% More Energy than Comparable EVs in its Class, Room for 5, and Dependable All-Season Range

Powered by an innovative 33.8 kWh, 333V Lithium-ion (iron phosphate) electric car battery system, the CODA Sedan will achieve a minimum range of 90-120 miles per charge dependably, in real world driving and in any season(i). The CODA features an advanced Active Thermal Management system that keeps the battery system at an ideal operating temperature at all times - even when the vehicle is parked. This technology is essential to the cycle life, durability, capacity and reliability of automotive grade battery systems. The electric vehicle will be backed by a three-year/36,000 mile limited warranty and a limited battery warranty of eight-years/100,000 miles.

The CODA features a 6.6 kW onboard charger, the largest in its class, helping to facilitate a complete charge in about six hours(v) from a 220V charger. Charging for a 40-mile commute can take as little as 2 hours. Based on average nighttime (off-peak) electricity rates in the U.S., the anticipated cost to fully charge the CODA Sedan is under $3(vi). CODA will provide its customers with a home inspection and the equipment needed to ensure the appropriate in-home charging infrastructure is available and installed prior to delivery.

Every CODA Sedan(TM) will come equipped with standard active and passive safety systems, including six advanced airbags with an occupant detection system, Anti-lock Braking System (ABS) and Electronic Stability Control (ESC).

"The CODA is designed to meet the day-to-day driving needs of the majority of American commuters and families ready to leave the gas station in the rear-view mirror," said Mike Jackson, SVP Global Sales, Marketing and Distribution, CODA Automotive. "With a new technology introduction in the automotive category, dependability, quality and safety are key, and these attributes have been our focus since day one."

A New Home For the CODA Movement: Redesigned Website Triggers Start of Full Marketing and Promotional Efforts Focused on Education, Advocacy, Test Drives and Sales

In addition to facilitating secure consumer deposits for the all-electric CODA Sedan(TM), the newly redesigned website features fresh car images, detailed technical specifications, bright Infographics and several interactive calculators. You can now see if CODA is right for you, understand your real driving range needs and the cost savings impact of driving a CODA instead of a gas-powered car. The site is also a one-stop place for breaking CODA news, blog posts, videos and articles.

CODA will be conducting "Ride and Drive" Events throughout California expected to start in October, allowing consumers to experience the CODA firsthand. The CODA Twitter and Facebook pages will be announcing upcoming events and opportunities to see the electric cars. CODA will be on display at the Los Angeles Auto show from November 17 to 28.

The announcement is the latest in a string of recent milestones for CODA. Last spring it closed its Series C investment round to bring its total invested capital to more than $125 million, with strong international participation from leading investors in North America, Europe and Asia. In May, CODA unveiled plans to open a lithium-ion battery system manufacturing facility in Ohio, pending approval of an application for a Department of Energy Advanced Technology Vehicles Manufacturing (ATVM) loan. Limited consumer deliveries are slated for the end of 2010 with a production target of 14,000 vehicles by the end of 2011.

About CODAAutomotive: Headquartered in Santa Monica, Calif., CODA Automotive(TM) is working to reduce dependence on oil and is leading the way to a cleaner future through advanced battery systems for its 100% electric car, other electric vehicle manufacturers and utility applications such as wind power storage. CODA is working in a smart, interdependent way with more than 30 leading global technology and manufacturing companies across four continents to quickly and efficiently bring electric drive technology to market. Through its exclusive battery system joint venture with Lishen Power Battery, LIO Energy Systems(TM), CODA is also a large-scale producer of power battery systems for transportation and utility applications. CODA is slated to begin limited deliveries of its all-electric car in the fourth quarter of this year (2010). The CODA Sedan(TM) is a five-passenger, mid-size car with full rear seating and trunk space that is designed to meet American drivers' daily transportation needs without using an ounce of gasoline.

For more information, please visit www.codaautomotive.com, follow @CODAautomotive on Twitter at www.twitter.com/CODAautomotive, or visit our Facebook page at www.facebook.com/coda.

Source: CODA Automotive