Catch up on stories from the past week (and beyond) at the Slashdot story archive

 



Forgot your password?
typodupeerror
The Almighty Buck China United States Politics Technology

Chinese Firm Wins Bid For US-Backed Battery Maker 183

Posted by samzenpus
from the best-laid-plans dept.
theodp writes "On September 13, 2010, President Obama called A123 Systems from the Oval Office to congratulate them on opening the nation's first manufacturing facility to mass-produce electric vehicle batteries, which the White House noted was made possible by a $249 million Recovery Act grant the company received the prior August. 'When folks lift up their hoods on the cars of the future,' the President said, 'I want them to see engines and batteries that are stamped: Made in America. And that's what you guys are helping to make happen.' But on Saturday, the assets of A123 Systems were auctioned off to the Wanxiang Group, a large Chinese auto parts maker. Wanxiang agreed to pay $256 million for A123's automotive and commercial operations, including its three factories in the United States. Forbes reports that A123's stock, which closed at 7 cents a share on Friday, is now worthless."
This discussion has been archived. No new comments can be posted.

Chinese Firm Wins Bid For US-Backed Battery Maker

Comments Filter:

"Text processing has made it possible to right-justify any idea, even one which cannot be justified on any other grounds." -- J. Finnegan, USC.

Working...