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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:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Oct 23, 2012 3:05:35 AM Ignore honda0105 Report Abuse more money going to the Chinese.
jrs4125 Champion Author Indiana Posts:2,893 Points:618,470 Joined:Sep 2011	Message Posted: Oct 20, 2012 9:15:22 PM Ignore jrs4125 Report Abuse Dooooooh
slicerette Champion Author South Bend Posts:3,673 Points:560,510 Joined:Jan 2011	Message Posted: Oct 20, 2012 2:52:23 PM 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:3,139 Points:624,685 Joined:Sep 2011	Message Posted: Oct 20, 2012 1:44:14 PM Ignore sparky808 Report Abuse Thank you for posting.
jrs4125 Champion Author Indiana Posts:2,893 Points:618,470 Joined:Sep 2011	Message Posted: Oct 20, 2012 9:48:29 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:2,220 Points:1,333,310 Joined:Nov 2007	Message Posted: Oct 20, 2012 6:04:25 AM Ignore McMutt Report Abuse Government grant and bankrupt, patteren?
bsg75 Veteran Author Chicago Posts:434 Points:137,485 Joined:May 2010	Message Posted: Oct 19, 2012 11:34:26 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:2,256 Points:643,825 Joined:Jan 2010	Message Posted: Oct 19, 2012 11:08:14 PM Ignore jetlagAK Report Abuse No more Hype and Chains!
kishoreCA Champion Author Ventura Posts:3,297 Points:419,620 Joined:Mar 2012	Message Posted: Oct 19, 2012 9:49:19 PM Ignore kishoreCA Report Abuse superior quality from china - you must be kidding! LOL!
crreed1 Champion Author West Virginia Posts:2,095 Points:2,549,740 Joined:May 2005	Message Posted: Oct 19, 2012 9:19:26 PM Ignore crreed1 Report Abuse they want to buy everything
METEOR49 Champion Author Ontario Posts:2,307 Points:481,950 Joined:Apr 2011	Message Posted: Oct 19, 2012 9:15:53 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:1,979 Points:662,440 Joined:May 2011	Message Posted: Oct 19, 2012 9:13:27 PM Ignore Vitobug Report Abuse ok
Number43 Champion Author Lexington Posts:8,844 Points:1,664,895 Joined:Oct 2008	Message Posted: Oct 19, 2012 9:13:11 PM Ignore Number43 Report Abuse How much did the U S taxpayer lose on this obummer budget buster?
Tsunamiron Champion Author Jacksonville Posts:1,564 Points:584,450 Joined:Mar 2011	Message Posted: Oct 19, 2012 9:11:49 PM Ignore Tsunamiron Report Abuse So now China will make our batteries crapi!?
ManOfLeisureII Champion Author Philadelphia Posts:2,010 Points:480,125 Joined:Jan 2012	Message Posted: Oct 19, 2012 9:10:52 PM Ignore ManOfLeisureII Report Abuse Keep up the deficit spending and the Chinese will own everything.
shores4now Champion Author Kentucky Posts:2,544 Points:550,525 Joined:Jul 2009	Message Posted: Oct 19, 2012 9:10:27 PM Ignore shores4now Report Abuse Ok
boatfloyd Champion Author Jacksonville Posts:1,853 Points:414,700 Joined:Mar 2012	Message Posted: Oct 19, 2012 9:10:14 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 9:09:41 PM Ignore pastorpaulcg Report Abuse Ok
1fulltank Champion Author Buffalo Posts:8,036 Points:1,570,995 Joined:Nov 2008	Message Posted: Oct 19, 2012 9:09:36 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:800 Points:1,402,910 Joined:Sep 2008	Message Posted: Oct 19, 2012 9:09:34 PM Ignore jdevlin Report Abuse anything's possible.
Kawibiker Champion Author Illinois Posts:1,221 Points:215,465 Joined:May 2012	Message Posted: Oct 19, 2012 9:09:19 PM Ignore Kawibiker Report Abuse Yep
Blue_Cruzer Champion Author Lexington Posts:7,655 Points:1,696,310 Joined:Mar 2007	Message Posted: Oct 19, 2012 9:08:44 PM Ignore Blue_Cruzer Report Abuse Watch out.
mabrams184 Champion Author Lexington Posts:2,176 Points:557,205 Joined:Aug 2011	Message Posted: Oct 19, 2012 9:08:30 PM Ignore mabrams184 Report Abuse China wants it all
bridgerunner Champion Author Virginia Posts:4,922 Points:1,033,560 Joined:Jul 2009	Message Posted: Oct 19, 2012 9:07:26 PM Ignore bridgerunner Report Abuse OK.
SteelPenny Champion Author Dallas Posts:31,283 Points:2,633,465 Joined:Sep 2005	Message Posted: Oct 19, 2012 9:06:59 PM Ignore SteelPenny Report Abuse So do it.
rx7racerca Champion Author Calgary Posts:4,313 Points:1,137,375 Joined:Sep 2008	Message Posted: Oct 19, 2012 9:06:10 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:3,013 Points:758,005 Joined:Aug 2010	Message Posted: Oct 19, 2012 9:05:29 PM Ignore VernonOR Report Abuse Thanks for the wonderful input Mr Bill W.
obimerrill Champion Author Cincinnati Posts:1,575 Points:316,440 Joined:Jul 2012	Message Posted: Oct 19, 2012 9:05:22 PM Ignore obimerrill Report Abuse Another way for the Cineese to get the US government's money.
JamesCalvin Champion Author Lancaster Posts:3,339 Points:546,280 Joined:Nov 2011	Message Posted: Oct 19, 2012 9:04:12 PM Ignore JamesCalvin Report Abuse Maybe!
N5EXY Champion Author Austin Posts:5,629 Points:1,536,805 Joined:Jul 2004	Message Posted: Oct 19, 2012 9:04:03 PM Ignore N5EXY Report Abuse YeahBut - - what about quality control? China has not been so good in the past.
ssect8 Champion Author Hartford Posts:8,121 Points:2,117,805 Joined:Jun 2006	Message Posted: Oct 19, 2012 9:03:45 PM Ignore ssect8 Report Abuse Ok.
rahcat Champion Author Grand Rapids Posts:2,676 Points:689,675 Joined:Jan 2010	Message Posted: Oct 19, 2012 9:03:27 PM Ignore rahcat Report Abuse Keep China out of the bidding.
joel27nc Champion Author Raleigh Posts:10,672 Points:1,885,095 Joined:Mar 2008	Message Posted: Oct 19, 2012 9:01:42 PM Ignore joel27nc Report Abuse Go for it.
CatMan623 Champion Author Houston Posts:16,542 Points:2,369,320 Joined:Aug 2006	Message Posted: Oct 19, 2012 8:57:03 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:451 Points:393,570 Joined:Jan 2012	Message Posted: Oct 19, 2012 8:56:49 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:1,885,580 Joined:Jun 2006	Message Posted: Oct 19, 2012 8:55:15 PM Ignore PizzaMon Report Abuse This purchase by China should not be allowed by Congress.
Mr_Bill_W All-Star Author Virginia Posts:581 Points:378,735 Joined:Feb 2012	Message Posted: Oct 19, 2012 8:53:20 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:6,465 Points:1,690,260 Joined:Nov 2006	Message Posted: Oct 19, 2012 8:47:25 PM Ignore waynemustang Report Abuse Yes, let China lose big money on batteries for cars.
jpgilmor Champion Author Houston Posts:2,296 Points:630,450 Joined:Feb 2011	Message Posted: Oct 19, 2012 8:45:17 PM Ignore jpgilmor Report Abuse Great
ILoveGoldens All-Star Author Kentucky Posts:905 Points:380,910 Joined:Aug 2011	Message Posted: Oct 19, 2012 8:45:10 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:696 Points:74,840 Joined:Aug 2008	Message Posted: Oct 19, 2012 8:43:40 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:8,405 Points:2,293,340 Joined:Jul 2006	Message Posted: Oct 19, 2012 8:42:56 PM Ignore camel1 Report Abuse competition is good for the creditors
bonzoonfmb Champion Author Florida Posts:1,817 Points:664,160 Joined:Feb 2010	Message Posted: Oct 19, 2012 8:39:25 PM Ignore bonzoonfmb Report Abuse Keep it in the U.S.
hcivic Champion Author Virginia Posts:3,984 Points:2,291,465 Joined:Aug 2005	Message Posted: Oct 19, 2012 8:38:02 PM Ignore hcivic Report Abuse dont let China get it
jkpsr Champion Author New Jersey Posts:4,202 Points:1,126,940 Joined:Jun 2005	Message Posted: Oct 19, 2012 8:37:24 PM Ignore jkpsr Report Abuse Beware of the Chinese
The3rd Champion Author Jacksonville Posts:2,998 Points:837,550 Joined:Jul 2004	Message Posted: Oct 19, 2012 8:35:03 PM Ignore The3rd Report Abuse Another Obama loan recipient goes belly up.
jdc17327 Champion Author Pennsylvania Posts:2,582 Points:199,730 Joined:May 2009	Message Posted: Oct 19, 2012 8:33:24 PM Ignore jdc17327 Report Abuse cra[
1Casey Champion Author Albany Posts:6,631 Points:1,810,195 Joined:Jun 2004	Message Posted: Oct 19, 2012 8:32:43 PM Ignore 1Casey Report Abuse U.S.A.
crashintuc34 Champion Author Tucson Posts:4,183 Points:838,330 Joined:May 2010	Message Posted: Oct 19, 2012 8:28:00 PM Ignore crashintuc34 Report Abuse Alrighty then.
Math6149 All-Star Author Jacksonville Posts:878 Points:1,820,475 Joined:Jan 2007	Message Posted: Oct 19, 2012 8:26:58 PM Ignore Math6149 Report Abuse Build at home here in the USA inspite of what some think.