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Electric car maker Coda signs distribution deal with Hertz

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Old 11-22-10, 05:58 PM
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Post Electric car maker Coda signs distribution deal with Hertz



Coda Automotive, after disclosing last week that it would delay the introduction of its all-electric sedan until the second half of 2011, signed an agreement to provide the EV at Hertz locations in Southern California starting next year.

The electric car startup will ship an undisclosed number of Coda sedans to Hertz, which has already agreed to add 100 all-electric Nissan Leafs to its fleet.

Both companies said the deal will help test consumer interest and commercialize electric vehicles.

In California, Hertz and other fleet owners can receive up to $20,000 in tax incentives for zero emission commercial vehicles. Also, the federal government is offering rebates from $2,500 to $7,500 to EV purchasers.

“The 100 percent electric Coda was designed to meet the needs of most Americans with dependable, all-season range and fast, convenient charging,” Coda CFO Mark Jamieson said in a statement. “With one of the world's largest rental car fleets, Hertz is uniquely positioned to catalyze the adoption of all-electric vehicles and infrastructure supporting electric mobility.”

Hertz CEO Mark Frissora says the Coda deal will help the company electrify its fleet -- a primary goal for the nation's largest airport rental company.


“The Coda sedan represents an outstanding zero emissions solution, one that will appeal to the needs of our consumers …,” Frissora said in a statement. “Companies like Coda Automotive align with our vision to provide tomorrow's driving solutions to consumers today.”

The Coda sedan is the electrified version of a four-door, five-passenger Chinese car, with an estimated range of 90 to 120 miles when fully charged.

Coda produces its lithium ion battery packs through a joint venture with Lishen Power Battery, called LIO Energy Systems. The company says a full charge takes 12 hours to complete, compared with the 12-18 hours it could take to charge the Chevy Volt and 20 hours for a Nissan Leaf. Coda says a short commute of 40 miles could be completed after only two hours on the charger.

The mostly unknown Coda does not have a dealer network in place to sell the sedan. Instead, it will use its Web site to sell the EVs, which will cost $44,900 before government incentives. The price is thousands more than the Leaf or Volt and almost double the cost of the Toyota Prius or Honda Insight hybrid vehicles.

Because the launch date has been pushed back, the Coda sedan will now come out after the Volt and the Leaf, which go on sale by year end.

Still, the Hertz deal could mark a turning point for Coda, which has had a string of management setbacks.

The Santa Monica startup lost CEO Kevin Czinger when he quit suddenly two weeks ago. Czinger's departure followed that of top sales executive Michael Jackson, a former General Motors Co. executive, who left in October. Then, at the Los Angeles Auto Show, Coda announced that the sedan would be delayed for the second time this year.

Hertz, which has 8,300 locations worldwide, says it plans to start electrifying its fleet in 2011. Another car rental company, Enterprise Rent-A-Car, announced in October that it would introduce as many as 100 Coda sedans into its fleet next year.

Read more: http://www.autonews.com/apps/pbcs.dl...#ixzz164CGwibS
 
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