After waiting two full years for a response from the Department of Energy, Coda Automotive has withdrawn its application for a $334 million loan. Instead, the electric vehicle maker has decided to move what would have been an assembly plant with 2,000 jobs in Columbus, Ohio to its current assembly operations in China. Obviously this is not good news for our Columbus OH auto loan shoppers, as this plant would have been a real boost for the local economy.
Speaking about the decision and the reason for it, Coda’s Forrest Beanum was recently quoted as saying, “It became clear to us after the Solyndra debacle that things in Washington as it pertains to this program were becoming quite politicized…Going into an election year, our objective was not to be unnecessarily scrutinized due to politics. Our goal was to focus on the U.S. launch of our new electric vehicle this year.”
Coda will continue to perform its final-assembly operations in California.