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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

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Submitted Oct 19, 2012 By: DellDude2

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honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Oct 23, 2012 12:05:35 AM Ignore honda0105 Report Abuse more money going to the Chinese.
jrs4125 Champion Author Indiana Posts:2,768 Points:593,695 Joined:Sep 2011	Message Posted: Oct 20, 2012 6:15:22 PM Ignore jrs4125 Report Abuse Dooooooh
slicerette Champion Author South Bend Posts:3,534 Points:542,155 Joined:Jan 2011	Message Posted: Oct 20, 2012 11:52:23 AM Ignore slicerette Report Abuse 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.
sparky808 Champion Author Honolulu Posts:3,013 Points:600,660 Joined:Sep 2011	Message Posted: Oct 20, 2012 10:44:14 AM Ignore sparky808 Report Abuse Thank you for posting.
jrs4125 Champion Author Indiana Posts:2,768 Points:593,695 Joined:Sep 2011	Message Posted: Oct 20, 2012 6:48:29 AM Ignore jrs4125 Report Abuse Put a for sale sign up on the east and west coast. Everything is for sale.
McMutt Champion Author Ontario Posts:2,151 Points:1,312,080 Joined:Nov 2007	Message Posted: Oct 20, 2012 3:04:25 AM Ignore McMutt Report Abuse Government grant and bankrupt, patteren?
bsg75 Veteran Author Chicago Posts:428 Points:134,115 Joined:May 2010	Message Posted: Oct 19, 2012 8:34:26 PM Ignore bsg75 Report Abuse Lol so funny. I wanna get me some Romney TP, I can use it without ever disrepecting the office of the president. Go Buckeyes!
jetlagAK Champion Author Anchorage Posts:2,251 Points:635,675 Joined:Jan 2010	Message Posted: Oct 19, 2012 8:08:14 PM Ignore jetlagAK Report Abuse No more Hype and Chains!
kishoreCA Champion Author Ventura Posts:3,129 Points:394,845 Joined:Mar 2012	Message Posted: Oct 19, 2012 6:49:19 PM Ignore kishoreCA Report Abuse superior quality from china - you must be kidding! LOL!
crreed1 Champion Author West Virginia Posts:1,995 Points:2,528,285 Joined:May 2005	Message Posted: Oct 19, 2012 6:19:26 PM Ignore crreed1 Report Abuse they want to buy everything
METEOR49 Champion Author Ontario Posts:2,182 Points:457,175 Joined:Apr 2011	Message Posted: Oct 19, 2012 6:15:53 PM Ignore METEOR49 Report Abuse compel both companies to submit an environmental plan that they must adhere to and the chinese will fold their tent and go home .
Vitobug Champion Author El Paso Posts:1,955 Points:642,185 Joined:May 2011	Message Posted: Oct 19, 2012 6:13:27 PM Ignore Vitobug Report Abuse ok
Number43 Champion Author Lexington Posts:8,708 Points:1,640,120 Joined:Oct 2008	Message Posted: Oct 19, 2012 6:13:11 PM Ignore Number43 Report Abuse How much did the U S taxpayer lose on this obummer budget buster?
Tsunamiron Champion Author Jacksonville Posts:1,439 Points:559,775 Joined:Mar 2011	Message Posted: Oct 19, 2012 6:11:49 PM Ignore Tsunamiron Report Abuse So now China will make our batteries crapi!?
ManOfLeisureII Champion Author Philadelphia Posts:1,884 Points:456,100 Joined:Jan 2012	Message Posted: Oct 19, 2012 6:10:52 PM Ignore ManOfLeisureII Report Abuse Keep up the deficit spending and the Chinese will own everything.
shores4now Champion Author Kentucky Posts:2,416 Points:525,750 Joined:Jul 2009	Message Posted: Oct 19, 2012 6:10:27 PM Ignore shores4now Report Abuse Ok
boatfloyd Champion Author Jacksonville Posts:1,728 Points:389,925 Joined:Mar 2012	Message Posted: Oct 19, 2012 6:10:14 PM Ignore boatfloyd Report Abuse Chinese are on a roll.
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: Oct 19, 2012 6:09:41 PM Ignore pastorpaulcg Report Abuse Ok
1fulltank Champion Author Buffalo Posts:7,913 Points:1,546,260 Joined:Nov 2008	Message Posted: Oct 19, 2012 6:09:36 PM Ignore 1fulltank Report Abuse So now we can bailout a firm that could end up in Chinese hands?????
jdevlin All-Star Author Ontario Posts:798 Points:1,380,595 Joined:Sep 2008	Message Posted: Oct 19, 2012 6:09:34 PM Ignore jdevlin Report Abuse anything's possible.
Kawibiker Champion Author Illinois Posts:1,175 Points:205,575 Joined:May 2012	Message Posted: Oct 19, 2012 6:09:19 PM Ignore Kawibiker Report Abuse Yep
Blue_Cruzer Champion Author Lexington Posts:7,530 Points:1,671,535 Joined:Mar 2007	Message Posted: Oct 19, 2012 6:08:44 PM Ignore Blue_Cruzer Report Abuse Watch out.
mabrams184 Champion Author Lexington Posts:2,109 Points:535,740 Joined:Aug 2011	Message Posted: Oct 19, 2012 6:08:30 PM Ignore mabrams184 Report Abuse China wants it all
bridgerunner Champion Author Virginia Posts:4,797 Points:1,008,785 Joined:Jul 2009	Message Posted: Oct 19, 2012 6:07:26 PM Ignore bridgerunner Report Abuse OK.
SteelPenny Champion Author Dallas Posts:30,990 Points:2,608,690 Joined:Sep 2005	Message Posted: Oct 19, 2012 6:06:59 PM Ignore SteelPenny Report Abuse So do it.
rx7racerca Champion Author Calgary Posts:4,205 Points:1,114,805 Joined:Sep 2008	Message Posted: Oct 19, 2012 6:06:10 PM Ignore rx7racerca Report Abuse 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.
VernonOR Champion Author Oregon Posts:2,925 Points:739,820 Joined:Aug 2010	Message Posted: Oct 19, 2012 6:05:29 PM Ignore VernonOR Report Abuse Thanks for the wonderful input Mr Bill W.
obimerrill Champion Author Cincinnati Posts:1,450 Points:291,665 Joined:Jul 2012	Message Posted: Oct 19, 2012 6:05:22 PM Ignore obimerrill Report Abuse Another way for the Cineese to get the US government's money.
JamesCalvin Champion Author Lancaster Posts:3,196 Points:521,505 Joined:Nov 2011	Message Posted: Oct 19, 2012 6:04:12 PM Ignore JamesCalvin Report Abuse Maybe!
N5EXY Champion Author Austin Posts:5,502 Points:1,512,030 Joined:Jul 2004	Message Posted: Oct 19, 2012 6:04:03 PM Ignore N5EXY Report Abuse YeahBut - - what about quality control? China has not been so good in the past.
ssect8 Champion Author Hartford Posts:7,999 Points:2,094,620 Joined:Jun 2006	Message Posted: Oct 19, 2012 6:03:45 PM Ignore ssect8 Report Abuse Ok.
rahcat Champion Author Grand Rapids Posts:2,478 Points:664,900 Joined:Jan 2010	Message Posted: Oct 19, 2012 6:03:27 PM Ignore rahcat Report Abuse Keep China out of the bidding.
joel27nc Champion Author Raleigh Posts:10,547 Points:1,860,320 Joined:Mar 2008	Message Posted: Oct 19, 2012 6:01:42 PM Ignore joel27nc Report Abuse Go for it.
CatMan623 Champion Author Houston Posts:16,385 Points:2,346,720 Joined:Aug 2006	Message Posted: Oct 19, 2012 5:57:03 PM Ignore CatMan623 Report Abuse 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]
unicornIL Veteran Author Chicago Posts:446 Points:387,195 Joined:Jan 2012	Message Posted: Oct 19, 2012 5:56:49 PM Ignore unicornIL Report Abuse buying them from a Chinese company is going to be problem, they don't use quality materials and put people at risk
PizzaMon Champion Author Philadelphia Posts:5,134 Points:1,863,405 Joined:Jun 2006	Message Posted: Oct 19, 2012 5:55:15 PM Ignore PizzaMon Report Abuse This purchase by China should not be allowed by Congress.
Mr_Bill_W All-Star Author Virginia Posts:566 Points:359,760 Joined:Feb 2012	Message Posted: Oct 19, 2012 5:53:20 PM Ignore Mr_Bill_W Report Abuse 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!
waynemustang Champion Author Indiana Posts:6,387 Points:1,667,735 Joined:Nov 2006	Message Posted: Oct 19, 2012 5:47:25 PM Ignore waynemustang Report Abuse Yes, let China lose big money on batteries for cars.
jpgilmor Champion Author Houston Posts:2,170 Points:605,675 Joined:Feb 2011	Message Posted: Oct 19, 2012 5:45:17 PM Ignore jpgilmor Report Abuse Great
ILoveGoldens All-Star Author Kentucky Posts:901 Points:378,880 Joined:Aug 2011	Message Posted: Oct 19, 2012 5:45:10 PM Ignore ILoveGoldens Report Abuse Sickening to see hard-working taxpayers' money going down the drain. It will be so good to see U. S. companies succeed!
agr964 All-Star Author Fresno Posts:623 Points:71,345 Joined:Aug 2008	Message Posted: Oct 19, 2012 5:43:40 PM Ignore agr964 Report Abuse Once China buys it anything good they used to make will instantly turn to crap.
camel1 Champion Author Minnesota Posts:8,275 Points:2,267,590 Joined:Jul 2006	Message Posted: Oct 19, 2012 5:42:56 PM Ignore camel1 Report Abuse competition is good for the creditors
bonzoonfmb Champion Author Florida Posts:1,792 Points:646,535 Joined:Feb 2010	Message Posted: Oct 19, 2012 5:39:25 PM Ignore bonzoonfmb Report Abuse Keep it in the U.S.
hcivic Champion Author Virginia Posts:3,859 Points:2,266,690 Joined:Aug 2005	Message Posted: Oct 19, 2012 5:38:02 PM Ignore hcivic Report Abuse dont let China get it
jkpsr Champion Author New Jersey Posts:4,089 Points:1,103,855 Joined:Jun 2005	Message Posted: Oct 19, 2012 5:37:24 PM Ignore jkpsr Report Abuse Beware of the Chinese
The3rd Champion Author Jacksonville Posts:2,876 Points:828,435 Joined:Jul 2004	Message Posted: Oct 19, 2012 5:35:03 PM Ignore The3rd Report Abuse Another Obama loan recipient goes belly up.
jdc17327 Champion Author Pennsylvania Posts:2,560 Points:198,015 Joined:May 2009	Message Posted: Oct 19, 2012 5:33:24 PM Ignore jdc17327 Report Abuse cra[
1Casey Champion Author Albany Posts:6,538 Points:1,793,685 Joined:Jun 2004	Message Posted: Oct 19, 2012 5:32:43 PM Ignore 1Casey Report Abuse U.S.A.
crashintuc34 Champion Author Tucson Posts:4,057 Points:813,615 Joined:May 2010	Message Posted: Oct 19, 2012 5:28:00 PM Ignore crashintuc34 Report Abuse Alrighty then.
Math6149 All-Star Author Jacksonville Posts:873 Points:1,798,125 Joined:Jan 2007	Message Posted: Oct 19, 2012 5:26:58 PM Ignore Math6149 Report Abuse Build at home here in the USA inspite of what some think.