Not Logged In Log In   Sign Up   Points Leaders
Follow Us    10:23 AM

GasBuddy News Article

46
votes
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


Read the Full Article

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
Profile Pic
honda0105
Champion Author Tallahassee

Posts:22,459
Points:2,110,890
Joined:Nov 2008
Message Posted: Oct 23, 2012 5:05:35 AM

more money going to the Chinese.
Profile Pic
jrs4125
Champion Author Indiana

Posts:4,765
Points:1,083,830
Joined:Sep 2011
Message Posted: Oct 20, 2012 11:15:22 PM

Dooooooh
Profile Pic
slicerette
Champion Author South Bend

Posts:4,135
Points:699,400
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.
Profile Pic
sparky808
Champion Author Honolulu

Posts:5,122
Points:1,076,825
Joined:Sep 2011
Message Posted: Oct 20, 2012 3:44:14 PM

Thank you for posting.
Profile Pic
jrs4125
Champion Author Indiana

Posts:4,765
Points:1,083,830
Joined:Sep 2011
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.
Profile Pic
McMutt
Champion Author Ontario

Posts:3,645
Points:1,755,115
Joined:Nov 2007
Message Posted: Oct 20, 2012 8:04:25 AM

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

Posts:522
Points:146,795
Joined:May 2010
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!
Profile Pic
jetlagAK
Champion Author Anchorage

Posts:2,524
Points:721,130
Joined:Jan 2010
Message Posted: Oct 20, 2012 1:08:14 AM

No more Hype and Chains!
Profile Pic
kishoreCA
Champion Author Ventura

Posts:6,068
Points:875,820
Joined:Mar 2012
Message Posted: Oct 19, 2012 11:49:19 PM

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

Posts:4,137
Points:2,987,865
Joined:May 2005
Message Posted: Oct 19, 2012 11:19:26 PM

they want to buy everything
Profile Pic
METEOR49
Champion Author Ontario

Posts:4,497
Points:956,210
Joined:Apr 2011
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 .
Profile Pic
Vitobug
Champion Author El Paso

Posts:2,837
Points:1,073,710
Joined:May 2011
Message Posted: Oct 19, 2012 11:13:27 PM

ok
Profile Pic
Number43
Champion Author Lexington

Posts:11,106
Points:2,139,140
Joined:Oct 2008
Message Posted: Oct 19, 2012 11:13:11 PM

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

Posts:3,616
Points:1,048,400
Joined:Mar 2011
Message Posted: Oct 19, 2012 11:11:49 PM

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

Posts:4,149
Points:951,340
Joined:Jan 2012
Message Posted: Oct 19, 2012 11:10:52 PM

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

Posts:4,778
Points:1,024,775
Joined:Jul 2009
Message Posted: Oct 19, 2012 11:10:27 PM

Ok
Profile Pic
boatfloyd
Champion Author Jacksonville

Posts:4,071
Points:888,215
Joined:Mar 2012
Message Posted: Oct 19, 2012 11:10:14 PM

Chinese are on a roll.
Profile Pic
pastorpaulcg
Champion Author Virginia

Posts:3,615
Points:776,835
Joined:Dec 2010
Message Posted: Oct 19, 2012 11:09:41 PM

Ok
Profile Pic
1fulltank
Champion Author Buffalo

Posts:9,999
Points:2,009,190
Joined:Nov 2008
Message Posted: Oct 19, 2012 11:09:36 PM

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

Posts:812
Points:1,830,200
Joined:Sep 2008
Message Posted: Oct 19, 2012 11:09:34 PM

anything's possible.
Profile Pic
Kawibiker
Champion Author Illinois

Posts:1,909
Points:360,160
Joined:May 2012
Message Posted: Oct 19, 2012 11:09:19 PM

Yep
Profile Pic
Blue_Cruzer
Champion Author Lexington

Posts:8,894
Points:1,942,465
Joined:Mar 2007
Message Posted: Oct 19, 2012 11:08:44 PM

Watch out.
Profile Pic
mabrams184
Champion Author Lexington

Posts:3,732
Points:1,004,355
Joined:Aug 2011
Message Posted: Oct 19, 2012 11:08:30 PM

China wants it all
Profile Pic
bridgerunner
Champion Author Virginia

Posts:8,906
Points:1,505,910
Joined:Jul 2009
Message Posted: Oct 19, 2012 11:07:26 PM

OK.
Profile Pic
SteelPenny
Champion Author Dallas

Posts:36,166
Points:3,104,765
Joined:Sep 2005
Message Posted: Oct 19, 2012 11:06:59 PM

So do it.
Profile Pic
rx7racerca
Champion Author Calgary

Posts:6,293
Points:1,579,520
Joined:Sep 2008
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.
Profile Pic
VernonOR
Champion Author Oregon

Posts:5,097
Points:1,217,000
Joined:Aug 2010
Message Posted: Oct 19, 2012 11:05:29 PM

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

Posts:3,751
Points:789,665
Joined:Jul 2012
Message Posted: Oct 19, 2012 11:05:22 PM

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

Posts:5,566
Points:1,014,410
Joined:Nov 2011
Message Posted: Oct 19, 2012 11:04:12 PM

Maybe!
Profile Pic
N5EXY
Champion Author Austin

Posts:7,813
Points:2,008,295
Joined:Jul 2004
Message Posted: Oct 19, 2012 11:04:03 PM

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

Posts:10,119
Points:2,495,965
Joined:Jun 2006
Message Posted: Oct 19, 2012 11:03:45 PM

Ok.
Profile Pic
rahcat
Champion Author Grand Rapids

Posts:5,005
Points:1,163,975
Joined:Jan 2010
Message Posted: Oct 19, 2012 11:03:27 PM

Keep China out of the bidding.
Profile Pic
joel27nc
Champion Author Raleigh

Posts:12,861
Points:2,358,170
Joined:Mar 2008
Message Posted: Oct 19, 2012 11:01:42 PM

Go for it.
Profile Pic
CatMan623
Champion Author Houston

Posts:21,452
Points:2,840,095
Joined:Aug 2006
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]
Profile Pic
unicornIL
All-Star Author Chicago

Posts:540
Points:666,635
Joined:Jan 2012
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
Profile Pic
PizzaMon
Champion Author Philadelphia

Posts:6,334
Points:2,334,655
Joined:Jun 2006
Message Posted: Oct 19, 2012 10:55:15 PM

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

Posts:653
Points:669,560
Joined:Feb 2012
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!
Profile Pic
waynemustang
Champion Author Indiana

Posts:8,337
Points:2,136,330
Joined:Nov 2006
Message Posted: Oct 19, 2012 10:47:25 PM

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

Posts:4,110
Points:1,080,095
Joined:Feb 2011
Message Posted: Oct 19, 2012 10:45:17 PM

Great
Profile Pic
ILoveGoldens
All-Star Author Kentucky

Posts:918
Points:384,695
Joined:Aug 2011
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!
Profile Pic
agr964
All-Star Author Fresno

Posts:917
Points:103,905
Joined:Aug 2008
Message Posted: Oct 19, 2012 10:43:40 PM

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

Posts:10,535
Points:2,754,090
Joined:Jul 2006
Message Posted: Oct 19, 2012 10:42:56 PM

competition is good for the creditors
Profile Pic
bonzoonfmb
Champion Author Florida

Posts:2,540
Points:888,110
Joined:Feb 2010
Message Posted: Oct 19, 2012 10:39:25 PM

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

Posts:6,152
Points:2,760,780
Joined:Aug 2005
Message Posted: Oct 19, 2012 10:38:02 PM

dont let China get it
Profile Pic
jkpsr
Champion Author New Jersey

Posts:5,936
Points:1,573,680
Joined:Jun 2005
Message Posted: Oct 19, 2012 10:37:24 PM

Beware of the Chinese
Profile Pic
The3rd
Champion Author Jacksonville

Posts:3,112
Points:869,305
Joined:Jul 2004
Message Posted: Oct 19, 2012 10:35:03 PM

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

Posts:2,648
Points:204,030
Joined:May 2009
Message Posted: Oct 19, 2012 10:33:24 PM

cra[
Profile Pic
1Casey
Champion Author Albany

Posts:8,633
Points:2,190,730
Joined:Jun 2004
Message Posted: Oct 19, 2012 10:32:43 PM

U.S.A.
Profile Pic
crashintuc34
Champion Author Tucson

Posts:5,707
Points:1,146,235
Joined:May 2010
Message Posted: Oct 19, 2012 10:28:00 PM

Alrighty then.
Profile Pic
Math6149
Champion Author Jacksonville

Posts:1,124
Points:2,228,290
Joined:Jan 2007
Message Posted: Oct 19, 2012 10:26:58 PM

Build at home here in the USA inspite of what some think.
Post a reply Back to Topics