Ford Reveals All-Electric Explorer SUV For The European Market

More

New Kia Concept EV5 previews all-electric SUV for Chinese market

More

The Volkswagen ID. 2all previews sub-25,000 euros electric car

More

The Kia EV9 all-electric SUV revealed

More

Truemag

  • Electric Car News
  • Electric Car Reviews
  • Plug-in Hybrids
  • Technology
  • Home
  • About Us
  • Privacy Policy
  • Advertise
  • Charging Map

US Committee Clears Wanxiang to Buy A123 Assets

A123-Systems
Chinese auto parts maker Wanxiang Group Corporation said Tuesday that the Committee for Foreign Investment in the United States has approved its purchase of most assets of failed battery maker A123 Systems Inc.

“We’re pleased the government has completed its review and provided us with the go-ahead to finalize this transaction,” Pin Ni, president of Wanxiang America said in a statement. “The future is bright for A123. It is a company with exceptional talent and potential, and Wanxiang America is committed to its long-term success and the continuance of its U.S. operations. Wanxiang America looks forward to closing the transaction and to continuing to foster the technologies A123 has worked so hard to develop.”

A123 arrived in bankruptcy in October with a $125 million opening offer from Johnson Controls Inc. But Wanxiang, whose $465 million offer for A123 collapsed this fall, outbid the Milwaukee auto-parts manufacturer at a days-long auction.

Wanxiang bid nearly $257 million for A123, which supplies batteries for Fisker electric cars and has contracts with other automakers.

The deal was approved by a federal bankruptcy court judge in Delaware earlier, but was in the midst of an extensive national security review by the Committee on Foreign Investment in the United States.

The acquisition has been controversial because US taxpayers provided tens of millions of dollars that supported the commercialization of A123’s technology with the construction of two manufacturing plants in Michigan. Critics charged that the acquisition would put sensitive technology in the hands of the Chinese government.

Jan 29, 2013Blagojce Krivevski
EU Rolls Out Ambitious Plan to Create Market for Electric VehiclesNissan e-NV200 Receives Electric Response from the Fleet Industry
You Might Also Like
 
A123 Systems Files for Bankruptcy, Will Sell Automotive Business Assets to Johnson Controls
 
Wanxiang Wins Auction for A123 Systems
Blagojce Krivevski

Blagojce Krivevski is physicist and green technology lover. Keep in touch with Blagojce through his email, web site, Twitter, Linkedin, Facebook and Google+.

January 29, 2013 Electric Car NewsA123, A123 Systems, Wanxiang
Follow Us
  • facebook
  • twitter
  • google-news
  • linkedin
  • youtube
  • instagram
  • rss
Recent News
Fisker Ocean Extreme achieves a combined WLTP range of up to 707 km, exceeding previous estimates
March 27, 2023
All-electric Porsche Cayenne to be built in Bratislava
March 27, 2023
Pininfarina involved in the design of Izera electric cars
March 27, 2023
Aptera Motors Receives First Fleet Order from SustainabilitySooner
March 26, 2023
Refrigerated Pharmacy Deliveries with Opel Vivaro-e and Vivaro-e HYDROGEN
March 25, 2023
About
ElectricCarsReport.com ElectricCarsReport.com is a website dedicated to pure electric vehicles and the full range of consumer information and tools about electric cars, green technology energy, and the environment.
Latest News
Fisker Ocean Extreme achieves a combined WLTP range of up to 707 km, exceeding previous estimates
March 27, 2023
All-electric Porsche Cayenne to be built in Bratislava
March 27, 2023
Pininfarina involved in the design of Izera electric cars
March 27, 2023
Get in touch

Email: [email protected]

Get new stories by email:
Archives
  • facebook
  • twitter
  • google-news
  • linkedin
  • youtube
  • instagram
  • rss
DMCA.com
© ElectricCarsReport.com | All Rights Reserved.