CODA Automotive Attends Vice President Joe Biden's Address at UQM Technologies in Colorado

SANTA MONICA, Calif., April 30 /PRNewswire/ -- California-based electric car and battery company CODA Automotive attended an address by Vice President Joe Biden today at a new UQM manufacturing facility in Frederick, Colorado. The Vice President chose UQM's facility as a backdrop to focus on the positive impact of the American Reinvestment and Recovery Act as the company received a $45.1 Department of Energy grant in January to launch high volume production of the propulsion system powering CODA's all-electric sedan.

"We are fortunate to have visionary leaders that recognize the immediate positive impact of the electrification movement on our economy and environment," said Kevin Czinger, President and CEO, CODA Automotive. "Together with UQM and our family of partners, CODA Automotive is preserving and creating thousands of domestic jobs while paving the way for a new era in clean transportation."

To rapidly expand production of the PowerPhase® electric propulsion system powering CODA's vehicle, UQM has purchased a 129,304-square-foot building in Weld County, Colorado. The facility will employ engineering, vehicle integration and manufacturing workers along with executive and administrative professionals.

"Our partnership with the U.S. Government and CODA Automotive is accelerating the adoption of clean vehicles and facilitating economic recovery through job creation," said William G. Rankin, CEO, UQM Technologies. "We are honored to have Vice President Biden at our facility to highlight the important role we are playing."

CODA Automotive will begin taking deposits for its zero emissions sedan this summer. The company is slated to begin deliveries of the four-door, four-passenger vehicle in the fourth quarter of this year and anticipates that it can deliver more than 14,000 vehicles to customers in California by the end of 2011. The company established supply agreements for the vehicles' key electric drive components with a number of U.S. partners including UQM Technologies, BorgWarner, Nexteer Automotive, Delphi and others. Through its own business and those of its suppliers, CODA is preserving and creating thousands jobs in California, Wisconsin, Michigan, Illinois, Colorado, Ohio, North Carolina and Florida.

About CODA Automotive:  Headquartered in Santa Monica, Calif., CODA Automotive is working to reduce dependence on oil and leading the way to a cleaner future by building 100% electric cars and transportation battery systems. CODA Automotive is working in a smart, interdependent way with a number of leading global technology and manufacturing companies to quickly and efficiently bring electric drive technology to market and jump start the electric car movement. Through its exclusive transportation and electric utility storage battery joint venture with Lishen Power Battery, CODA Automotive is also a leading designer and large-scale manufacturer of power battery systems. The American engineered CODA electric car will be available to consumers in 2010.

SOURCE CODA Automotive