Coda Holdings announced today the signature of a contract with Great Wall Motors Company to co-develop a worldwide entry-level electric vehicle.
According to Coda, this will be the first all-electric vehicle designed and built for worldwide development and distribution.
Designed for the North American, Chinese, and European markets, the co-developed EV is intended to be the most affordable EV on the market, comparable to entry-level internal combustion vehicles.
The joint effort will combine CODA’s battery technology, knowledge of the U.S. market and experience with global joint ventures with the expertise of China’s fastest growing and most profitable automotive producer. Great Wall Motors is currently the fastest growing OEM in China, with nearly 500,000 vehicles delivered in 2011.
Both companies aim to benefit from their ability to rapidly develop product and manufacturing processes, mostly by combining the product portfolio and manufacturing assets of Great Wall with Coda’s EV propulsion systems and battery technology expertise.
Products will be developed by employees of both companies in their research facilities in Los Angeles, Calif., and Baoding, China. Vehicles will be sub-assembled in Great Wall’s manufacturing facilities in Baoding. Final assembly of U.S.-bound vehicles will take place in Coda’s facility in the U.S.