The auto parts manufacturer Wanxiang is taking over A123, an electric car battery production company, and this takeover is further proof of the bad market for electric vehicles thus far.
A Chinese company's financial rescue of advanced electric car battery maker A123 Systems reflects the sluggish market for electric cars, along with missteps by the company.
The financial problems at A123 have been worsened this year by the cost of replacing faulty batteries for electric car company Fisker, its biggest client. A123 also is slated to provide batteries for the electric version of General Motors' (GM) upcoming minicar, the Chevrolet Spark. Continue Reading