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Electric car maker Coda files for bankruptcy

Green car startup Coda Holdings Inc filed for Chapter 11 bankruptcy protection on Wednesday after selling just 100 of its all-electric sedans, another example of battery-powered vehicles' failure to break into the mass market.The filing with U.S. Bankruptcy Court in Delaware will allow the Los Angeles company to exit the auto sector and refocus on energy storage, a far less capital-intensive business. The company uses the same technology it used in cars to build systems for utilities and building operators to store power.Coda raised over $300 million in private funding during its brief history from high profile names like former Treasury Secretary Henry Paulson and Limited Brands Chief Executive Les Wexner. Now, a group of lenders led by Fortress Investment Group LLC will seek to acquire the company for just $25 million through the bankruptcy process.The company launched its five-passenger electric car in California a year ago, delivering a range of 125 miles on a single charge. The $3...

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  1. U.S. Commerce Secretary Investigated for Hit-and-Run Car Crash

    U.S. Secretary of Commerce John Bryson is being investigated for several hit-and-run car crashes in Southern California on Saturday that police say appear to have be...

  2. Sen. Inhofe on Efforts to Create Jobs

    Sen. James Inhofe, (R-Okla.), on why Obama’s policies have not created jobs and what is needed to boost job growth.

  3. Barrasso: Obama Doesn’t Realize Impact on Economy

    Sen. John Barrasso discusses the president’s impact on economic recovery.

  4. Obama’s Economic Nightmare

    Sen. Roy Blunt, (R-Mo.), argues the administration’s policies are working.

  5. Obama Tone Deaf to Economic Difficulties

    FOX News Digital Politics Editor Chris Stirewalt on the president’s stance on the economy

  6. Secretary of Handouts?

    Freedom Fighters Charlie Gasparino, Lynn Parramore, and Benjamin Powell debate the wisdom of President Obama’s decision to nominate a corporate welfare king to head the Commerce Department.

  7. Obama Draws Controversy Over Commerce Sec. Pick

    Sen. James Inhofe, (R-Okla.), discusses his qualms with John Bryson .

  8. Morris: Electric Cars Will Create Job Growth

    Michael Morris, chairman and CEO of American Electric Power Company, weighs in on today's announcement of John Bryson's nomination for U.S. Commerce Secretary, gas prices and electric vehicles.

  9. Obama Nominates Bryson Commerce Secretary

    President Barack Obama will nominate former Edison International chief executive John Bryson Tuesday to be the next Commerce secretary, filling an important trade jo...

  1. Cutting Out Fiscal Red Ink ... Literally

    Rep. Bill Cassidy of Louisiana has launched an effort to eliminate another area of potential government waste: oil paintings.Cassidy and several other House Republic...

  2. Chuck Hagel Confirmation in Doubt?

    Sen. James Inhofe, (R-Okla.), on Chuck Hagel’s confirmation hearings.

  3. Who is Running the Government for Obama?

    FBN’s Lou Dobbs on the President’s Cabinet members.

  4. Obama Relying on Political Advisors More Than Cabinet Members?

    FBN’s Lou Dobbs on the President’s lack of meetings with his Cabinet members while meeting on a regular basis with his political advisors.

  5. U.S. Commerce Secretary Bryson Resigns

    FBN's Tracy Byrnes breaks down afternoon market news.

  6. U.S. Commerce Secretary Bryson Resigns

    U.S. Commerce Secretary John Bryson on Thursday announced his resignation, two weeks after he suffered a seizure and went on medical leave. Bryson sent a letter of r...

  7. Commerce Secretary Bryson Resigning to 'Prevent Distractions'

    Commerce Secretary John Bryson, who has been under investigation for his role in two car crashes earlier this month, said on Thursday he was resigning to "prevent di...

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