LOS ANGELES, April 24, 2012 /PRNewswire/ -- CODA Holdings, a leading developer of all-electric vehicles and advanced battery systems, today announced it has signed a contract with Great Wall Motors Company to co-develop the first all-electric vehicle for worldwide development and distribution.
Designed for the North American, Chinese, and European markets, this co-developed EV is intended to be the most affordable EV on the market, comparable to entry-level internal combustion engine vehicles.
"This marks the launch of our partnership with Great Wall Motors that will enable us to bring EVs to global markets in a very efficient and cost effective manner," said Phil Murtaugh, CEO, CODA Holdings. "We're excited to work with Great Wall Motors to develop the second product in Coda's portfolio, to bring another solution to a global problem and together make high-quality clean technology accessible. Ultimately, this will enable drivers worldwide to go electric affordably and support our mission of putting an EV in everyone's garage."
The joint effort will blend CODA's leading battery technology, knowledge of the US market and deep experience with global joint ventures with the expertise of China's fastest growing and most profitable automotive producer. Known for its high-quality sedans, SUVs and pick-up trucks, Great Wall Motors is the fastest growing OEM in China, delivering nearly 500,000 vehicles in 2011 worldwide.
Combining the product portfolio and manufacturing assets of Great Wall with the expertise of EV propulsion systems and battery technology from CODA, both companies aim to benefit from their ability to rapidly develop product and manufacturing processes. Products will be developed by employees of both companies in their research facilities in LA and Baoding, China. Vehicles will be sub-assembled in Great Wall's manufacturing facilities in Baoding. Final assembly of US destined vehicles will take place in Coda's facility in the US.
"We're thrilled to combine the expertise of Great Wall Motors and CODA to create a solution to a global problem together," said Wei Jianjun, chairman of Great Wall Motors. "We envision a long-term, successful relationship with CODA, creating industry-leading EVs for our generation and beyond."
About Great Wall Motor Company
Based in Baoding, China, Great Wall Motor Company Limited was the first private vehicle automaker listed on the Hong Kong Stock Exchange, and currently has more than 30 subsidiaries and 42,000 employees. Their three primary vehicle lines include the Haval SUV, Voleex Sedan, Wingle Pickup and MPV wagon which accounted for more than 390,000 vehicles sold in 2010, a year-on-year increase of 70%. In 2011 487,000 vehicles were sold, a 23 percent increase over the prior year, making it the fastest growing and most profitable Chinese OEM and the first Chinese manufacturer to pass the stringent passenger car European Community Whole Vehicle Type Approval (ECWVTA). Among many quality and corporate awards, Great Wall was also listed as a Forbes "Top 100 Chinese Enterprises" twice.
About CODA Holdings
Headquartered in Los Angeles, CODA Holdings is a leading developer of advanced Lithium-ion power battery systems comprised of three key business lines: CODA Automotive, CODA EV Propulsion Systems and CODA Energy. Together with its JV partner, CODA is working to reduce dependence on fossil fuels and leading the way to a cleaner future through its electric vehicles and stationary energy storage products. The first consumer product is a zero emission four-door, five-passenger EV sedan with a full-size trunk that is designed to meet American drivers' daily transportation needs. For more information on the CODA sedan, visit www.codaautomotive.com
SOURCE CODA Holdings