A123 Systems Inc., the electric-car battery maker that filed for bankruptcy this week, had promising chemistry and marquee customers. What it couldn’t overcome, even with government funding, were missteps in manufacturing.
A123 Systems Inc.’s chief executive officer said the company’s financial rescue by China’s largest auto-parts maker will preserve U.S. jobs, after the agreement drew criticism from congressional Republicans.
A123 Systems Inc. said it’s replacing defective battery packs and modules it supplies to customers, including Fisker Automotive Inc., and that the flaw caused a Fisker Karma to shut down in a Consumer Reports test.
A123 Systems Inc. rose 52 percent, the company’s largest increase, after the maker of electric-car batteries said it has developed an improved lithium-ion cell that can cut costs of rechargeable and hybrid vehicles.
State leaders are ignoring the anti- China rhetoric from the U.S. Congress and presidential candidates as they pursue investments by companies in the world’s second-largest economy at a pace that may accelerate.
A123 Systems Inc. , a maker of rechargeable auto batteries, will supply lithium-ion cells to SAIC Motor Corp. for use in an electric vehicle as the U.S. startup expands ties with China’s largest domestic carmaker.
Chrysler Group LLC, the automaker controlled by Fiat SpA, said it will soon name a new battery supplier for its electric vehicles after A123 Systems Inc. said it withdrew from the “diminished” program.