Sales have been slow for the electric automobile company. The same mishap has been experienced even by industry leaders GM, Ford, Nissan, and Honda Motor Co, when despite their heavy investments still experienced slow sales from electric vehicles.
Coda automotive sold only 100 cars since 2009 until it closed earlier this year, all of which were Chinese-made. Miles electric is Lio Energy's direct subsidiary. Records indicate Lio Energy as Coda Holdings's direct subsidiary. The company assets reached $25 million. Fortress Investment Group is looking forward to acquire Coda's assets through the bankruptcy process.
Sales got worse when even Japanese automobile giant Toyota recalled most of its electric cars back in 2011. It did not help the industry progress, when U.S Department of Energy did not support President Obama's goal of putting 1 million electric cards on the road by the year 2015.
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