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GasBuddy News Article

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Chinese Rescue of Battery Maker Saves U.S. Jobs, CEO Says

Bloomberg -- A123 Systems Inc. (AONE)’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, a maker of lithium-ion batteries for electric cars, may get financing worth as much as $450 million from Wanxiang Group Corp. The deal that may give Wanxiang an 80 percent stake in Waltham, Massachusetts-based A123, recipient of a $249 million federal grant for U.S. factory construction, is opposed by Representative Cliff Stearns, a Florida Republican.

The federal funds “can only be used for building factories in North America and the creation of jobs, and that’s what’s been done,” David Vieau, A123’s president and CEO, said in a telephone interview yesterday.


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Submitted Aug 12, 2012 By: GasPasserAB
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Chinese Rescue of Battery Maker Saves U.S. Jobs, CEO Says Back to Topics
REPLIES (newest first) Post a Reply
itzagasgasgas1
Champion Author Cincinnati

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Message Posted: Aug 18, 2012 6:48:56 PM

old news
honda0105
Champion Author Tallahassee

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Message Posted: Aug 15, 2012 5:26:28 AM

Thank you for posting Gas.
sparky808
Champion Author Honolulu

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Message Posted: Aug 13, 2012 12:25:18 PM

Thank you for posting.
cashpayer
Sophomore Author Raleigh

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Message Posted: Aug 13, 2012 12:20:05 AM

Well, hey, all our US companies have moved overseas. If the Chinese can help with US jobs why not?

Of course, Republicans don't want job growth. Right now that is the last thing they want. It might make some people think Obama is doing something right.
Tundralimited2009
Champion Author Dallas

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Message Posted: Aug 13, 2012 12:18:40 AM

Sounds Great
Amtrgas
Champion Author Oakland

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Message Posted: Aug 13, 2012 12:17:49 AM

Always good to create or save jobs in the United States. It makes up for all the jobs that have been lost.
StanleyCup
All-Star Author Chicago

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Message Posted: Aug 12, 2012 11:50:00 PM

Nice article on more jobs being saved!
LetemEatCake
Champion Author Oklahoma City

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Message Posted: Aug 12, 2012 11:30:00 PM



Good article GasPasserAB...thanks for posting!
MDTDriver
Champion Author California

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Message Posted: Aug 12, 2012 11:21:08 PM

USA name is going down the drain and will be owned by another country soon!
NhCobra
Sophomore Author New Hampshire

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Message Posted: Aug 12, 2012 11:17:27 PM

Govt needs to get out of the subsidies business.
DrLyon
Champion Author Michigan

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Message Posted: Aug 12, 2012 11:16:53 PM

It's a world economy...
Let's just get our business going...
Compete more in the world trade...
big_mac64
Champion Author Tennessee

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Message Posted: Aug 12, 2012 11:11:56 PM

maybe so..but we are mortgaging our children's future to the Chinese
rahcat
Champion Author Grand Rapids

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Message Posted: Aug 12, 2012 11:11:49 PM

They probably expect the employees to learn Chinese.
arb0526
Champion Author Greensboro

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Message Posted: Aug 12, 2012 11:11:10 PM

I don't like it one bit. Why is it legal for companies / people from other countries buying land/ companies here in America and other countries expressly prohibit Americans from doing the same in their country?

[Edited by: arb0526 at 8/13/2012 12:12:20 AM EST]
ratboy1968
Champion Author Montreal

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Message Posted: Aug 12, 2012 11:10:48 PM

ok
WebGabe
Champion Author Pennsylvania

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Message Posted: Aug 12, 2012 11:10:45 PM

Ok.
DirtDauber
Champion Author San Antonio

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Message Posted: Aug 12, 2012 11:09:03 PM

Before yo know it they will own A123 Systems Inc.
jem069
Champion Author Detroit

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Message Posted: Aug 12, 2012 11:08:04 PM

Ok
heartbroken2010
Champion Author Ottawa

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Message Posted: Aug 12, 2012 11:07:54 PM

good stuff.
danreino
Champion Author Twin Cities

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Message Posted: Aug 12, 2012 11:05:35 PM

China finally returning some of that Solyndra money given out by El Presidente.
gocatgo
Champion Author South Carolina

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Message Posted: Aug 12, 2012 11:04:50 PM

This a real change of events.
ManOfLeisureII
Champion Author Philadelphia

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Message Posted: Aug 12, 2012 11:04:26 PM

Keep up the deficit spending and China will own all of us.
sneadmd
Sophomore Author Dayton

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Message Posted: Aug 12, 2012 11:03:17 PM

Interesting
boatfloyd
Champion Author Jacksonville

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Message Posted: Aug 12, 2012 11:02:50 PM

China helps out again :).
SavALot
Champion Author Virginia Beach

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Message Posted: Aug 12, 2012 11:02:50 PM

China to the rescue? Not too common at all
gaswatchON
All-Star Author Ontario

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Message Posted: Aug 12, 2012 11:02:38 PM

The federal funds “can only be used for building factories in North America

That's the way it should be
PrinceLH
Champion Author Ontario

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Message Posted: Aug 12, 2012 11:02:23 PM

Vote Republican!
joel27nc
Champion Author Raleigh

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Message Posted: Aug 12, 2012 11:02:00 PM

Ironic, isn't it?
goldseeker
Champion Author West Virginia

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Message Posted: Aug 12, 2012 11:00:27 PM

OK, but the jobs will still be foreign.
cwashi3324
Champion Author Cincinnati

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Message Posted: Aug 12, 2012 11:00:13 PM

good
Ahking
Champion Author Orange County

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Message Posted: Aug 12, 2012 10:59:07 PM

I rather this be kept within our country.
farn1958
All-Star Author Twin Cities

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Message Posted: Aug 12, 2012 10:58:48 PM

Hmmm.
mstearno
Champion Author Dayton

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Message Posted: Aug 12, 2012 10:57:23 PM

good
abacus44
Champion Author Toms River

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Message Posted: Aug 12, 2012 10:56:49 PM

Another Obama loan grant to a failing company.
DandyDapple
All-Star Author North Dakota

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Message Posted: Aug 12, 2012 10:52:40 PM

...
lovinguy71
Veteran Author Greensboro

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Message Posted: Aug 12, 2012 10:49:03 PM

true
dabbadu
Champion Author New York

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Message Posted: Aug 12, 2012 10:48:09 PM

Sounds like a buyout, not a "rescue."
NemoIL
Champion Author Illinois

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Message Posted: Aug 12, 2012 10:47:20 PM

At least our tax dollars are not proping up a failing business
lovinguy71
Veteran Author Greensboro

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Message Posted: Aug 12, 2012 10:47:16 PM

ok
tessnlu
Champion Author Missouri

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Message Posted: Aug 12, 2012 10:45:59 PM

ok
CAroadrunner101
Champion Author California

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Message Posted: Aug 12, 2012 10:44:15 PM

and...
Jmac2008
Champion Author Missouri

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Message Posted: Aug 12, 2012 10:40:55 PM

and what is next?
Blue48
Champion Author Illinois

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Message Posted: Aug 12, 2012 10:38:41 PM

I SEE RED PEOPLE!
bigdipperMS
Champion Author Mississippi

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Message Posted: Aug 12, 2012 10:36:49 PM

Not good.
bigrigAZ
Champion Author Phoenix

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Message Posted: Aug 12, 2012 10:36:45 PM

Not if it is like any of the rest of the stuff that comes from China. China's not going to do anything unless they make out on any deal.
FuelOilOH
Champion Author Cleveland

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Message Posted: Aug 12, 2012 10:36:02 PM

I already eat rice but I don't think I could stomach some of the other things they eat. Tell me they won't take over America in the next 5 years.
suzmar
Champion Author Texas

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Message Posted: Aug 12, 2012 10:31:18 PM

I'll bet the U.S. taxpayer manages to lose money on the deal.
NashGas
Champion Author Nashville

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Message Posted: Aug 12, 2012 10:31:14 PM

Nice.
serrog
Champion Author Nova Scotia

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Message Posted: Aug 12, 2012 10:26:41 PM

wow
skyking797
Sophomore Author Phoenix

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Message Posted: Aug 12, 2012 10:25:10 PM

It's ALL going to CHINA boys........

OUR govt has sold US out again!!!!

TheSnowstorm
Champion Author Montreal

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Message Posted: Aug 12, 2012 10:24:48 PM

An unfortunate sign of the times..
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