Electric vehicle maker Coda files for Chapter 11 bankruptcy

After selling just 100 of its all-electric vehicles, electric car manufacturer Coda Holdings has filed for Chapter 11 in the U.S. Bankruptcy Court in Delaware.

According to a Reuters report, the company may exit the car manufacturing industry and restructure as an energy storage company that licenses its technology to the electric utility industry.

Economic analysts have blamed the public’s slow acceptance of electric cars on a lack of disposable income and “range anxiety” — a prospective drivers’ worry of running out of electric charge 

Fisker Automotive, an electric vehicle manufacturer that has collected some $192 million in federal loan support, had to relinquish some $21 million of that amount back to the Department of Energy (DOE).

Fisker failed to make a $10 million payment on its loan that it received under the Advanced Technology Vehicles Manufacturing Loan Program.

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