A total of $58 million was raised by start-up electric car company Coda in its latest financing round. New investors included EDB Investments, an investment firm based in Singapore, and Leslie Wexner, CEO of Limited Brands Inc. Coda, which is based in Santa Monica, Calif., will soon be setting up an engineering and design office in Singapore. Coda said that its invested capital amounts to over $125 million. With the money raised, Coda will support the entry of its all-electric sedan into the market. Previously, Coda has said that it will be selling a fully electric car with a range of up to 120 miles and that this will bear a price that’s in the low $30,000s. Coda aims to deliver 14,000 of the electric cars in California by the end of 2011. The office in Singapore is intended to help design its car for right-hand drive markets in Europe and Asia. Coda will be competing against small players like Tesla Motors as well as big carmakers such as Nissan, Ford and General Motors (which all have plans to launch electric cars or electric hybrids).
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