According to an article listed below, 8-5-10 in Electric Vehicle News, Coda did not get its US Govt. loan.
However, it is still going ahead. It does have major backing from its partner, Lishen Power Battery (Lishen), China's leading producer of rechargeable lithium-ion cells and current cell supplier to consumer electronics manufacturers like Motorola, Samsung and Apple among others.
They will undoubtedly have to give up a larger share of the company for that investment, but business is business.
In China if the Government wants you to succeed, you get loans and China has plenty of US Dollars sitting around to spend.
Right now, China is giving Chinese company's money, "Not Loans" for setting up factories in the good old USA. So, a Chinese company paying for a US factory is really being subsidized by the Bejing Communist Government!
Remember that old expression, "Better Red Than Dead?" Coda needs money to build and Red it is!
Kennedy must be turning over in his grave with all the Red's controlling our economic future! We are the world's largest debtor nation, and we just had to start buying our own Treasury Bills today! Nobody wants worthless paper!
"Watch out GM, China's electric CODA is coming!"
It may be a few years before they retool with a better looking platform, but its lower costs will lead to a real price war down the road!
Coda is looking for fleets and rental vehicle sales business first, but any lowering of price is good for electric vehicle customers, but not so good for GM.