Philip Murtaugh appointed as CEO of CODA Holdings

　　March 2nd, 2011, CODA Holdings announced the appointment of Mr. Murtaugh (Philip Murtaugh) as its global CEO. Headquartered in the United States, CODA Holdings is principally engaged in design, manufacture and sales of electric cars and lithium-ion battery system for transportation and utility.

　　In the conference, CODA also announced that all electric cars jointly developed with Tianjin Lishen and Changan Hafei is scheduled for exports to the United States in the second half of 2011. This will be the first time domestic massive produced high-speed electric vehicle has been exported to the North American market.

　　CODA Holdings CEO, Mr. Murtaugh said: "In clean technology field, CODA, together with Lishen and Changan is a perfect interpretation of the win-win partnership and cooperation. Our goal is to become the world's leading enterprises, to design and produce reliable and cheap electric vehicle drive system, as well as battery system for energy storage. We believe that by working closely with partners, we will provide the best related technologies in industry worldwide."

　　CODA Company and Tianjin Lishen in 2009 established a joint venture with registered capital of 1 billion dollars named Tianjin Lishen Myers battery power system Ltd. the major shareholder of Lishen is China National Offshore Oil Corporation. The joint venture company is responsible for the manufacturing of lithium cells, and assembles them into a battery pack system. In addition, CODA's cell engineering team has developed a powerful battery management system to control and manage the performance of the battery. At the same time, CODA has also developed a unique temperature management system to adjust the cell operating temperature range, making the car mileage stable.

　　CODA's drive and battery power system was firstly applied in the CODA electric vehicle, which assembled by partner Changan Hafei. Using 220V power, the all-electric vehicle per charges for up to 6 hours for one time and can run up to 200 kilometers. After the exhaustion of the battery, a fast charge less than 2 hours can help power the car gain power to support another 65 km.

　　Hafei Company and Changan CODA carried out hundreds of transformation and adjustments to the chassis and body of prototype car to optimize vehicle performance and to meet the safety requirements of the U.S. market.

　　CODA and Lishen Myers are now actively negotiating with a number of manufacturers and will also provide drive and battery systems for auto manufacturers in China and overseas.

　　When the world's electricity supply is in search of better supply mode for supply and demand matching, For CODA and Lishen Myers, the energy storage market means that the third development opportunity. Meanwhile, with rapid growth of discontinuous renewable energy sources such as wind and solar, advanced batteries can provide power reserve for this type of energy, which will greatly enhance energy efficiency and promote the utilization of renewable energy.

　　From 1996 to 2000, Mr. Murtaugh has served as executive vice president of Shanghai General Motors. From 2000 to 2005, he was chairman and CEO of GM China. During this decade,

　　Shanghai General Motors Shanghai office of only 15 persons developed to a large mechanism incorporated 15,000 employees nationwide while annual revenue grew from $ 300,000,000 to more than 70 billion dollars.

　　Then Mr. Murtaugh served as Executive Vice President of Shanghai Automotive Industry (Group) Corporation, and was responsible for international operations. Subsequently, from 2007 to 2008, he served as Asia chief executive of Chrysler, whose sales growth 30%. Before joined in CODA, Mr. Murtaugh was a director of Lear Corporation and consultant of a number of large manufacturing and marketing business.

　　About CODA Holdings: headquartered in Santa Monica, California, CODA Holdings is committed to reduce human's dependence on oil, and to open up a path to clean energy in the future through multi-purpose advanced battery system's application in electric vehicle and a range of facilities. CODA has been emphasized strategic cooperation with the world's leading technologies and manufacturers to bring the battery technology into market quickly and efficiently. With joint venture with Tianjin Lishen Battery Co., Ltd. (whose major shareholder is the China National Offshore Oil Corporation) in battery systems, CODA has become a large-scale battery power system manufacturer in transportation and public utilities applications. Upon completion of the expansion of existing production capacity, CODA will complete a total of over 1.4 billion amps hours of power reserve battery power system production (about 4.4 million kWh). After completion of the Ohio ATVM factory, whose total production is expected to reach a energy reserves of 2 billion amps hours (about 6.3 million kwh).CODA car is an all electric four-door sedan with industry-leading technology that can accommodate five people, to meet the public demand for daily transportation without utilization of gasoline energy.

　　(Translator: Yalong/Jessie)

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