DETROIT -- Coda Automotive, a California battery systems manufacturer and fledgling electric-car maker, and joint venture partner Lishen Power Battery said today that they have secured $394 million of investment and lines of credit.
The money will help quicken development of the car's power system for volume production and support the automaker's ability to manufacture battery systems for transportation and utility power storage, Coda and Lishen said a statement.
“The U.S. and China face tremendous security and environmental challenges that we intend to address by combining our complementary capabilities and skills,” Coda CEO Kevin Czinger said in a statement. “This joint venture will accelerate the adoption of new energy technology while creating jobs in the U.S. and abroad.”
The joint venture secured $100 million in committed equity capital and received a commitment for a $294 million line of credit from a Chinese commercial bank, Bank of Tianjin Joint-Stock Co.
Coda plans to launch a pure electric vehicle late this year. The automaker designed the battery pack for the prospective four-passenger electric car with Lishen, a Chinese battery cell manufacturer that is also a supplier to Apple, Motorola, Samsung and Vodafone.