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Automotive Industry
News covering the Automotive Industry at large.505 articles in this category
It would seem the other shoe has dropped and the Japan auto companies which consumers have always said built bullet proof auto's are now on the receiving end of millions of recalls for poor quality parts. Check out how many auto's affect which manufactures.
Lithium ion battery maker A123 Systems today said it has sold its automotive business to Johnson Controls and is filing for bankruptcy protection.
The moves are a change in strategy for the ailing Waltham, MA-based company, which in August said it will sell an 80 percent share to the auto parts division of Chinese conglomerate Wanxiang for $450 million.
Johnson Controls will acquire a significant set of assets for its $125 million investment, some of which were paid with federal aid. A123 Systems’ auto business includes its technology, two battery factories in Michigan, a cathode powder manufacturing facility in China, and A123’s stake in two auto parts suppliers in China. Johnson Controls also will put up $72.5 million so A123 can maintain operations during the sale.
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