Former U.S. Treasury Secretary Henry M. Paulson, Jr. Joins Coda Automotive

[Guest Kara]

Coda Automotive, a California-based electric car and battery company,announced that former U.S. Treasury Secretary Henry M. Paulson, Jr., who has extensive business and political experience in China, will serve as an advisor, providing guidance on the company's Chinese partnership activities.

 

"Coda's non-capital intensive business model and globally collaborative partnership strategy persuaded me to join the advisory board," said Paulson. "Coda Automotive's approach will enable them to release the Coda electric sedan next year."

 

While serving as Secretary of the Treasury, Mr. Paulson initiated and led the U.S.-China Strategic Economic Dialogue, a forum and mechanism under which the two countries addressed global areas of immediate and longterm strategic and economic interest.

 

Prior to serving as Treasury Secretary, Mr. Paulson led Goldman Sachs as chairman and chief executive officer. Through his leadership of a number of conservation organizations, he has

been a strong advocate for conservation in the U.S. and in China and for immediate serious action to decrease the effects of climate change. Mr. Paulson invested in Coda's Series B funding round earlier this spring.

 

"We look forward to the valuable guidance Henry Paulson will provide as we continue to work closely with our partners on battery system technology and quality manufacturing," said Kevin Czinger, president and CEO, Coda Automotive. "Over the course of a distinguished business and political career, Mr. Paulson has developed both deep, personal relationships in China and unique insights into the country and its people. His genuine concern for nature has also led him to work with Chinese policymakers on practical solutions for global reduction of greenhouse

gases and the preservation of wildlife – including his collaboration with then Chinese President Jiang Zemin to preserve Tiger Leaping Gorge in Yunnan."

 

Other new additions to the Coda Board of Advisors in the second quarter of 2009 included Thomas F. "Mack" McLarty, Thomas F. Steyer and Dr. Thomas Cardello. Mr. McLarty, a prominent business and political leader, served as the Chief of Staff for President Clinton and is now the president of McLarty Associates, a Washington based consulting company, and the CEO of McLarty Companies, a national automotive retailer. Mr. Steyer is managing partner and chief investment officer of Farallon Capital Management, a leading California-based investment firm. Dr. Cardello is a partner at Sunrise Capital, an institutional fund manager, and an advisory director and a former managing director of Morgan Stanley.

 

Mr. Paulson, Mr. McLarty, Mr. Steyer and Dr. Cardello join Kenneth Baker, John Wallace, and Dr. Michael Wang on the Board of Advisors. With nearly 40 years of experience in the automotive industry, which includes leading the General Motors electric vehicle program, Mr. Baker provides significant insight to Coda's engineering team. Likewise, with 25 years in engineering and experience leading Ford's electric vehicle and alternative fuel programs, Mr. Wallace is a significant asset to Coda's engineering team.

 

Dr. Wang is the manager of the electric vehicle systems assessment section of the Center for Transportation Research at Argonne Labs. About Coda Automotive: Headquartered in Santa Monica, Calif., Coda Automotive is a manufacturer and distributor of all-electric cars and transportation battery systems. Launched in June 2009, the company designs, brands, markets and distributes electric vehicles utilizing a manufacturing partnership strategy which allows Coda Automotive to develop vehicles rapidly in a flexible manner – avoiding the traditionally capital-intensive nature of the automobile business. Coda Automotive's first vehicle, the Coda sedan, will be delivered in 2010.