Cars
A123 Systems, the Detroit-based manufacturer of batteries for electric and hybrid cars, as well as other uses, announced that it has signed a definitive agreement in which the Chinese Wanxiang Group will invest up to US$465 million in exchange for an 80 percent stake in the company.
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Cars
China’s Wanxiang Pays Half a Billion Dollars to Acquire 80 Percent of A123 Systems Battery Maker
A123 Systems, the Detroit-based manufacturer of batteries for electric and hybrid cars, as well as other uses, announced that it has signed a definitive agreement in which the Chinese Wanxiang Group will invest up to US$465 million in exchange for an 80 percent stake in the company.
Wanxiang is China’s largest parts company and one of the country’s largest non-government-owned companies. The ailing A123 Systems battery maker, which last May expressed “substantial doubts†about its future, expects to receive US$25 million this week to cover its immediate needs.
Read more »- Apple Reaches A Settlement With Battery-maker A123 Systems After Lawsuit
The legal debate between Apple and A123 Systems has ended into an agreement between the two companies. Read more »...
- Fisker Could Be Saved By Last-minute Bid From China’s Largest Auto Parts Supplier
Wanxiang, China’s largest auto parts company, made a last-minute bid for Fisker Automotive just days before the bankrupt company was to be sold to a Hong Kong tycoon. Read more »...
- Fisker Karma's Batteries May Have Potential Safety Issue
It may be little consolation to LG Chem, which manufactures the Chevy Volt lithium-ion pack that is currently under investigation by NHTSA, but GM’s hybrid isn’t the only one facing a battery-related fire risk. Another maker of batteries...
- Saab Details Partnership With China’s Hawtai Motor Group
In his attempt to save Saab- again, and after having secured short-term cash of €30 million (US$44.6 million), Spyker Car N.V. CEO Victor Muller’s next move was to sign a strategic partnership with China’s Hawtai Motor Group. Under...
- Fact Of The Day: Tesla Motors Worth Half Of Gm's Value!
We are more than aware that this doesn't mean squat in the real world, but nevertheless it's something worth noting. Last Wednesday's announcement that Mercedes-Benz parent company Daimler AG's paid $50 million US or about €37 million...