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Chinese auto parts maker vows to top Johnson deal for A123

Reuters -- A lawyer for Chinese auto parts maker Wanxiang Group Corp said on Thursday it plans to make a superior bid for the battery business of A123 Systems than what a U.S. company has offered.

Wanxiang intends to bid at the auction for A123, which filed for bankruptcy earlier this week, Bojan Guzina said at a court hearing in Delaware. The Chinese company also plans to fight Johnson Controls Inc for the role of initial bidder for A123, the attorney said.

A123, a maker of lithium-ion batteries used in hybrid and electric vehicles, declared bankruptcy amid a backdrop of quality-control problems and a disappointing market for electric vehicles. The company had won a $249MM U.S. government grant in 2009.

Wanxiang has been pursuing A123 for months. The bankruptcy came after a $465MM rescue deal by


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Submitted Oct 19, 2012 By: DellDude2
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Chinese auto parts maker vows to top Johnson deal for A123 Back to Topics
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

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Message Posted: Oct 23, 2012 5:05:35 AM

more money going to the Chinese.
jrs4125
Champion Author Indiana

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Message Posted: Oct 20, 2012 11:15:22 PM

Dooooooh
slicerette
Champion Author South Bend

Posts:4,183
Points:816,715
Joined:Jan 2011
Message Posted: Oct 20, 2012 4:52:23 PM

Right Now, Chevy Volt is getting its Lithium Ion batteries from Korea.

When China buys A123 they will move the technology the to China.

China wants our technology for their military.
sparky808
Champion Author Honolulu

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Message Posted: Oct 20, 2012 3:44:14 PM

Thank you for posting.
jrs4125
Champion Author Indiana

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Message Posted: Oct 20, 2012 11:48:29 AM

Put a for sale sign up on the east and west coast. Everything is for sale.
McMutt
Champion Author Ontario

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Message Posted: Oct 20, 2012 8:04:25 AM

Government grant and bankrupt, patteren?
bsg75
All-Star Author Chicago

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Message Posted: Oct 20, 2012 1:34:26 AM

Lol so funny. I wanna get me some Romney TP, I can use it without ever disrepecting the office of the president. Go Buckeyes!
jetlagAK
Champion Author Anchorage

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Message Posted: Oct 20, 2012 1:08:14 AM

No more Hype and Chains!
kishoreCA
Champion Author Ventura

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Message Posted: Oct 19, 2012 11:49:19 PM

superior quality from china - you must be kidding! LOL!
crreed1
Champion Author West Virginia

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Message Posted: Oct 19, 2012 11:19:26 PM

they want to buy everything
METEOR49
Champion Author Ontario

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Message Posted: Oct 19, 2012 11:15:53 PM

compel both companies to submit an environmental plan that they must adhere to and the chinese will fold their tent and go home .
Vitobug
Champion Author El Paso

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Message Posted: Oct 19, 2012 11:13:27 PM

ok
Number43
Champion Author Lexington

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Message Posted: Oct 19, 2012 11:13:11 PM

How much did the U S taxpayer lose on this obummer budget buster?
Tsunamiron
Champion Author Jacksonville

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Message Posted: Oct 19, 2012 11:11:49 PM

So now China will make our batteries crapi!?
ManOfLeisureII
Champion Author Philadelphia

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Message Posted: Oct 19, 2012 11:10:52 PM

Keep up the deficit spending and the Chinese will own everything.
shores4now
Champion Author Kentucky

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Message Posted: Oct 19, 2012 11:10:27 PM

Ok
boatfloyd
Champion Author Jacksonville

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Message Posted: Oct 19, 2012 11:10:14 PM

Chinese are on a roll.
pastorpaulcg
Champion Author Virginia

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Message Posted: Oct 19, 2012 11:09:41 PM

Ok
1fulltank
Champion Author Buffalo

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Message Posted: Oct 19, 2012 11:09:36 PM

So now we can bailout a firm that could end up in Chinese hands?????
jdevlin
All-Star Author Ontario

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Message Posted: Oct 19, 2012 11:09:34 PM

anything's possible.
Kawibiker
Champion Author Illinois

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Message Posted: Oct 19, 2012 11:09:19 PM

Yep
Blue_Cruzer
Champion Author Lexington

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Message Posted: Oct 19, 2012 11:08:44 PM

Watch out.
mabrams184
Champion Author Lexington

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Message Posted: Oct 19, 2012 11:08:30 PM

China wants it all
bridgerunner
Champion Author Virginia

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Message Posted: Oct 19, 2012 11:07:26 PM

OK.
SteelPenny
Champion Author Dallas

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Message Posted: Oct 19, 2012 11:06:59 PM

So do it.
rx7racerca
Champion Author Calgary

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Message Posted: Oct 19, 2012 11:06:10 PM

Yet more Chinese state-run enterprises buying North American businesses they, and their government's tilted trade rules, theft of intellectual property, and subsidies helped put out of business.
VernonOR
Champion Author Oregon

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Message Posted: Oct 19, 2012 11:05:29 PM

Thanks for the wonderful input Mr Bill W.
obimerrill
Champion Author Cincinnati

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Message Posted: Oct 19, 2012 11:05:22 PM

Another way for the Cineese to get the US government's money.
JamesCalvin
Champion Author Lancaster

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Message Posted: Oct 19, 2012 11:04:12 PM

Maybe!
N5EXY
Champion Author Austin

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Message Posted: Oct 19, 2012 11:04:03 PM

YeahBut - - what about quality control? China has not been so good in the past.
ssect8
Champion Author Hartford

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Message Posted: Oct 19, 2012 11:03:45 PM

Ok.
rahcat
Champion Author Grand Rapids

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Message Posted: Oct 19, 2012 11:03:27 PM

Keep China out of the bidding.
joel27nc
Champion Author Raleigh

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Message Posted: Oct 19, 2012 11:01:42 PM

Go for it.
CatMan623
Champion Author Houston

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Message Posted: Oct 19, 2012 10:57:03 PM

The Chinese do so much with lead... Batteries should be a natural for them...

[Edited by: CatMan623 at 10/19/2012 11:57:18 PM EST]
unicornIL
All-Star Author Chicago

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Message Posted: Oct 19, 2012 10:56:49 PM

buying them from a Chinese company is going to be problem, they don't use quality materials and put people at risk
PizzaMon
Champion Author Philadelphia

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Message Posted: Oct 19, 2012 10:55:15 PM

This purchase by China should not be allowed by Congress.
Mr_Bill_W
All-Star Author Virginia

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Message Posted: Oct 19, 2012 10:53:20 PM

Does anyone really want to purchase batteries from a company based in a country that was responsible for tainted baby formula, dog food, paint, plastics, sheet rock... and the list goes on and on and on... Thank-you but NO thanks!
waynemustang
Champion Author Indiana

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Message Posted: Oct 19, 2012 10:47:25 PM

Yes, let China lose big money on batteries for cars.
jpgilmor
Champion Author Houston

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Message Posted: Oct 19, 2012 10:45:17 PM

Great
ILoveGoldens
All-Star Author Kentucky

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Message Posted: Oct 19, 2012 10:45:10 PM

Sickening to see hard-working taxpayers' money going down the drain. It will be so good to see U. S. companies succeed!
agr964
All-Star Author Fresno

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Message Posted: Oct 19, 2012 10:43:40 PM

Once China buys it anything good they used to make will instantly turn to crap.
camel1
Champion Author Minnesota

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Message Posted: Oct 19, 2012 10:42:56 PM

competition is good for the creditors
bonzoonfmb
Champion Author Florida

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Message Posted: Oct 19, 2012 10:39:25 PM

Keep it in the U.S.
hcivic
Champion Author Virginia

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Message Posted: Oct 19, 2012 10:38:02 PM

dont let China get it
jkpsr
Champion Author New Jersey

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Message Posted: Oct 19, 2012 10:37:24 PM

Beware of the Chinese
The3rd
Champion Author Jacksonville

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Message Posted: Oct 19, 2012 10:35:03 PM

Another Obama loan recipient goes belly up.
jdc17327
Champion Author Pennsylvania

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Message Posted: Oct 19, 2012 10:33:24 PM

cra[
1Casey
Champion Author Albany

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Message Posted: Oct 19, 2012 10:32:43 PM

U.S.A.
crashintuc34
Champion Author Tucson

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Message Posted: Oct 19, 2012 10:28:00 PM

Alrighty then.
Math6149
Champion Author Jacksonville

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Message Posted: Oct 19, 2012 10:26:58 PM

Build at home here in the USA inspite of what some think.
mstearno
Champion Author Dayton

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Message Posted: Oct 19, 2012 10:26:10 PM

who cares
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