Coda Automotive signed a joint venture with China’s Great Wall Motors to build electric vehicles for markets in North America, China, and Europe.

The agreement is intended to build environment friendly electric vehicles which can also meet world class standards. The first sedan electric vehicle will be produced by 2014 in the U.S. market.

“The agreement with Great Wall Motors to produce electric vehicles is an important project for us," said Phil Murtaugh, CEO of Coda Automotive.

"The decision was taken after considering the name and deliverance of quality by Great Wall in China. Together we can produce some of the world class electric vehicles within another two years. We are hopeful that audience of worldwide would love to drive these vehicles. Not only in terms of design and mileage, the cars will contribute to preserve nature in its own way,” said Murtaugh.

In the initial stages, the proposed sedan electrical vehicle will be assembled at Great Wall production plant at Baoding in China. The vehicles set to be marketed in U.S. will be built at Coda’s plant near San Francisco.

“The world must be thinking that if electric vehicles are on the road then the price would be costlier. But the reality is that there won’t be any difference in terms of the price factor. These vehicles will be just like any other vehicle parked next to you. Our vehicles will be environment friendly and yield good results in terms of saving your money while you drive the cars,” Murtaugh said.

Coda Automotive said in a statement that the first edition of sedan electric has been priced at $37,250 in China and has the capacity of crossing 125 miles in one charge. Since the U.S. market comes with more incentives, the same model has been priced at $27,250.

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