Here’s some data that will—forgive us—shock you. The battery-powered CODA travels up to 120 miles¹ between charges, but research shows that you may seldom go that far. Many of us frequently drive significantly fewer miles at a stretch, which means if you were driving an electric vehicle, you might be hard pressed to notice what you’re paying at the plug. And you’d soon forget all about spending a lot of money for oil.

Studies show that nearly half of all Americans drive 20 miles or less per weekday, and over two-thirds of us drive 20 miles or less on weekend days. A CODA driver trying to figure out those minimal demands on an electricity bill—as we have in the chart below—would come to the conclusion that driving an EV can be nearly as inexpensive as turning on the lights.

Electricity rate based on national average of 11.3 cents per kilowatt hour (2008).

———-

Destination: Work

Distance (roundtrip): 20 miles

Electricity required to recharge CODA: 7.5 kilowatt hours (kWh)

Cost: $0.85

Household equivalent:

Less than the sum of powering your kitchen appliances on a typical day: Refrigerator 5.8 kWh; microwave 1.1 kWh; dishwasher 2.4 kWh (9.3 kWh total)

———-

Destination: Work

Distance (roundtrip): 10 miles

Electricity required to recharge CODA: 3.75 kWh

Cost: $0.42

Household equivalent:

Watching your plasma TV every night for a couple weeks (.336 kWh/day x 14 days = 4.704 kWh)

———-

Destination: Shopping

Distance (roundtrip): 14 miles

Electricity required to recharge CODA: 5.25 kWh

Cost: $0.59

Household equivalent:

Drying one big load of laundry (5kWh)

———-

Destination: Taking your kids to school

Distance (roundtrip): 12 miles

Electricity required to recharge CODA: 4.5 kWh

Cost: $0.51

Household equivalent:

Working on your computer at home for nearly a week (1.18 kWh/day x 4 days = 4.72 kWh)

———-

Destination: Friend’s house

Distance (roundtrip): 22 miles

Electricity required to recharge CODA: 8.27 kWh

Cost: $0.93

Household equivalent:

Cooling your house with  an air conditioner for one warm day: :  7.73 kWh

————————————————————-

SOURCES:

—America consuming nearly 19 million barrels daily

http://tonto.eia.doe.gov/country/country_energy_data.cfm?fips=US

—Approximately $3,600 spent annually on gasoline: p. 9, “Electrification Roadmap,” available from the Electrification Coalition:

www.electrificationcoalition.org/

—Statistics indicating that nearly half of all Americans drive 20 miles or less per weekday/nearly three-quarters of us drive 20 miles or less on weekend days: p. 123, “Electrification Roadmap,” available from the Electrification Coalition:

www.electrificationcoalition.org/

—2008 national average electricity rate:

www.eia.doe.gov/energyexplained/index.cfm?page=electricity_factors_affecting_prices

—Destinations and distances based loosely on National Household Travel Survey Summary of Travel Trends (2001); p. 15/table 5:

http://nhts.ornl.gov/2001/pub/STT.pdf

—“Household equivalent” figures: http://www.energysavers.gov/your_home/appliances/index.cfm/mytopic=10040 and www.hardcoreware.net/reviews/review-356-2.htm (for personal computer). Air conditioner data from www.eia.doe.gov/emeu/recs/recs2001/enduse2001/enduse2001.html–although Update: The 2005 stat on average A/C usage in the U.S.: 2,822 kWh/year, or 7.73 kWh/day.

—Other supporting sources:

US Department of Transportation’s Bureau of Transportation Statistics, Omnibus Household Survey (2003): www.bts.gov/publications/omnistats/volume_03_issue_04/html/figure_02.html

If you don’t believe us, that’s okay. You can experience it for yourself.  Just give us your contact info and we’ll get in touch with you when a CODA becomes available for test drives in your area.

1. Follow us (@CODAautomotive) on Twitter

2. Tweet your own Earth Day pledge, and be sure to include @codaauto

3. Pick up your t-shirt and sign CODA’s pledge wall at the Santa Monica Earth Day on the Promenade event between 10 am and 7 pm this Saturday.

Event Details:  CODA Automotive will be on Santa Monica’s Third Street Promenade (booth #3, entrance off of Wilshire Blvd) from 10 am to 7 pm this Saturday showing the CODA, the all-electric car from the all-electric car company.

Long term, this announcement means we will be able to mass manufacture CODA’s battery system to help other companies join the electrification movement. And finally, it means we can move forward with our plans to develop battery systems for utilities looking to store renewable energy.

To wrap-up, I want to add some color on our partnership with Lishen. As one of the top Lithium-ion battery producers in the world, Lishen makes the battery cells for some of the top electronics companies, like Apple, Motorola, Samsung, Vodaphone and others. We partnered with Lishen for a few reasons, but the decision really came down to chemistry (no pun intended). What we found in Lishen was a partner ready and willing to work collaboratively with CODA engineers to quickly bring a transformational product to market. And together, we’ve done something neither could do alone: create a disruptive technology that will catalyze a movement to forever change the transportation and renewable energy sectors.

Off to work.

-Kevin

It’s not a question of when; all electric, green cars are coming this year.  It’s a question of how.

How do we, as an industry, help consumers overcome the price barrier that exists with this technology so that we can accelerate the widespread adoption of all electric cars?

CODA Automotive conducted extensive consumer insights research and analysis, which indicates that one of the highest impact ways to answer that question and move America into the electric car era is to change the $7,500 Federal tax credit program that is already in place for plug-In vehicles to an instant cash rebate program.

Similar to the 2009 Cash for Clunkers (CARS) program, which resulted in nearly 700,000 new vehicles sold during its eight-week run, a $7,500 instant cash rebate would be paid to retailers at the time of sale.  This would provide immediate price relief, reducing the upfront cost to the buyer.  While the concept behind the current program (making electric cars more affordable to more people) is a good one, it doesn’t work as a tax credit.

Most Americans think in short term, monthly payments.  A tax credit is not something they would see immediately and doesn’t help if they’re financing the car.  For instance, with the tax credit program a consumer who finances a $40,000 electric car over a 5-year term, would pay about $150 more per month and accrue nearly $1,300 more in interest payments over the course of their loan than if the program gave them an instant cash rebate.  That’s $10,300 more a consumer would pay over the course of five years.

Plug-In Vehicle Finance Transaction (60 Month Term)

*California will likely apply sales tax before deductions

Based on CODA Automotive’s extensive consumer research, restructuring the current Federal tax credit program to be an instant cash rebate would nearly triple demand for all electric cars in 2010-2011.  This would also allow CODA Automotive to price its all electric car, with touch screen navigation, on-board telematics, Bluetooth connectivity, and satellite radio capabilities, in the low $30,000-range or below, or simply put similar to a fully loaded Toyota Prius.  We believe this lower upfront price, coupled with electric cars’ lower total cost of ownership, will attract a broader range of customers and quickly spur the adoption of all-electric vehicles.

While others (including Darryl Siry and former New York Governor George Pataki) have pointed to the benefits of changing the tax credit to an upfront rebate, we believe it is the manufacturers’ responsibility to advocate for this change.  That’s why CODA Automotive is actively meeting with legislators to explain the real benefits of changing the basis of the plug-in vehicle tax credit program to one that is truly beneficial to consumers and a catalyst for initial sales of all-electric vehicles.