China's Wanxiang Saves American Battery Maker A123, Takes 80% Stake In Company
http://insideevs.com/chinas-wanxiang-saves-american-battery-maker-a123-takes-80-stake-in-company/
http://insideevs.com/chinas-wanxiang-saves-american-battery-maker-a123-takes-80-stake-in-company/
Struggling US battery maker A123 has dramatically avoided the perils of bankruptcy by signing a non-binding MoU (memorandum of understanding ) with China’s Wanxiang Group Corp, the largest auto parts maker in that country (think Magna as a US-based comparison).
The deal will see Wanxiang take up 80% control of the company by year’s end in exchange for an investment of up to $450 million dollars.
This is good news if you are interested in the upcoming Chevrolet Spark EV, and were concerned about A123's ability to deliver lithium packs for that car when it gois into production in 2013.
Fisker Automotive can also breath a sigh of relief that their battery maker for the Karma and upcoming Atlantic is not going anywhere.
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