| Former US Treasury Secretary Henry Paulson has joined Coda Automotive, an electric car and battery company based in California, as an advisor on the company's Chinese partnership activities.
The startup company, based in Santa Monica, California, was launched in June 2009 to manufacture and distribute electric cars and battery systems. The company says it is aiming to avoid what it calls "the traditionally capital-intensive nature of the automobile business" by entering into flexible manufacturing partnerships around the world.
The company's first vehicle, the Coda sedan, will be delivered in 2010. It is based on the Saibao sedan made by China's Hafei Automobile Group (SHA: 600038). Coda has also signed an agreement to source lithium-ion battery packs from the Tianjin Lishen Battery Company.
While serving under former President George W. Bush as Secretary of the Treasury, Mr. Paulson led the US-China Strategic Economic Dialogue, a forum in which the two countries addressed areas of immediate and long-term economic concern. Before joining the government, Paulson was chairman and chief executive officer of investment bank Goldman Sachs.
"With extensive business and political ties to China, Mr. Paulson will be a valued asset as Coda continues to build global partnerships," said Kara Saltness, Coda's marketing director
Despite his reputation as a hard-nosed investment banker, the former Treasury Secretary is an enthusiastic environmentalist and belongs to number of conservation organizations. He has long been an advocate of immediate action to combat the effects of climate change.
"Coda's non-capital intensive business model and globally collaborative partnership strategy persuaded me to join the advisory board," said Paulson.
Another Coda advisor with strong political connections is Mr. Thomas "Mack" McLarty, a former Chief of Staff for President Bill Clinton. McLarty is president of McLarty Associates, a Washington-based consulting company, and CEO of a US auto retail chain.
Both Paulson and McLarty invested in Coda's Series B funding round in spring 2009.
Editor: Guo Changdong Source: China.org.cn |
