The Truth About Cars » A123 http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Sun, 07 Feb 2016 18:00:45 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.4 The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars no The Truth About Cars editors@ttac.com editors@ttac.com (The Truth About Cars) 2006-2009 The Truth About Cars The Truth About Cars » A123 http://www.thetruthaboutcars.com/wp-content/themes/ttac-theme/images/logo.gif http://www.thetruthaboutcars.com Delaware Bankruptcy Judge Approves Sale Of Fisker Automotive to China’s Wanxiang http://www.thetruthaboutcars.com/2014/02/delaware-bankruptcy-judge-approves-sale-of-fisker-automotive-to-chinas-wanxiang/ http://www.thetruthaboutcars.com/2014/02/delaware-bankruptcy-judge-approves-sale-of-fisker-automotive-to-chinas-wanxiang/#comments Tue, 18 Feb 2014 17:50:27 +0000 http://www.thetruthaboutcars.com/?p=745993 Last week, Rueters reported that Wanxiang, a Chinese parts supplier, had won the bankruptcy auction for Fisker Automotive. The bid was valued around $149.2 million. The deal comes to close after a bidding war between Wanxiang and Hybrid LLC — a group who includes Richard Li, a Fisker investor and Hong Kong billionaire. In November, Fisker […]

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Last week, Rueters reported that Wanxiang, a Chinese parts supplier, had won the bankruptcy auction for Fisker Automotive. The bid was valued around $149.2 million. The deal comes to close after a bidding war between Wanxiang and Hybrid LLC — a group who includes Richard Li, a Fisker investor and Hong Kong billionaire. In November, Fisker […]

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Lutz And Chinese Offer One Penny On The Dollar For Fisker http://www.thetruthaboutcars.com/2013/05/lutz-and-chinese-offer-one-penny-on-the-dollar-for-fisker/ http://www.thetruthaboutcars.com/2013/05/lutz-and-chinese-offer-one-penny-on-the-dollar-for-fisker/#comments Thu, 23 May 2013 10:33:24 +0000 http://www.thetruthaboutcars.com/?p=489356 Fisker is worth around 200 Karmas at retail. “A team including former General Motors Co executive Bob Lutz and China’s largest parts maker is looking to buy Fisker Automotive for $20 million, a fraction of the “green” car company’s estimated worth almost a year and a half ago,” Reuters says. Late 2011, Fisker told prospective […]

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Fisker is worth around 200 Karmas at retail. “A team including former General Motors Co executive Bob Lutz and China’s largest parts maker is looking to buy Fisker Automotive for $20 million, a fraction of the “green” car company’s estimated worth almost a year and a half ago,” Reuters says. Late 2011, Fisker told prospective […]

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Reuters: Lutz To Help Chinese Buy Fisker On The Cheap http://www.thetruthaboutcars.com/2013/05/reuters-lutz-to-help-chinese-buy-fisker-on-the-cheap/ http://www.thetruthaboutcars.com/2013/05/reuters-lutz-to-help-chinese-buy-fisker-on-the-cheap/#comments Wed, 22 May 2013 16:49:42 +0000 http://www.thetruthaboutcars.com/?p=489299 When former TTAC Editor-in-Chief and now Editor emeritus Edward “Op-Ed” Niedermeyer wrote an op-ed in the Wall Street Journal and warned that GM’s center of gravity shifts more and more to China, GM’s  retired multi-role fighter Bob Lutz  reamed Ed via Fortune.  Now, Bob Lutz himself appears to be an accessory in a deal that […]

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When former TTAC Editor-in-Chief and now Editor emeritus Edward “Op-Ed” Niedermeyer wrote an op-ed in the Wall Street Journal and warned that GM’s center of gravity shifts more and more to China, GM’s  retired multi-role fighter Bob Lutz  reamed Ed via Fortune.  Now, Bob Lutz himself appears to be an accessory in a deal that […]

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A123 B456 System Bankruptcy Plan Approved http://www.thetruthaboutcars.com/2013/05/a123-b456-system-bankruptcy-plan-approved/ http://www.thetruthaboutcars.com/2013/05/a123-b456-system-bankruptcy-plan-approved/#comments Tue, 21 May 2013 16:54:11 +0000 http://www.thetruthaboutcars.com/?p=489138 B456 Systems, the lithium-ion battery maker formerly known as A123 Systems, won court approval for its bankruptcy plan. It gives unsecured creditors of the company about 65 cents for each dollar owed, Reuters says. B456 had received a $249 million grant from the U.S. government. About half the money was never released. B456 received court […]

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B456 Systems, the lithium-ion battery maker formerly known as A123 Systems, won court approval for its bankruptcy plan. It gives unsecured creditors of the company about 65 cents for each dollar owed, Reuters says. B456 had received a $249 million grant from the U.S. government. About half the money was never released. B456 received court […]

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Fisker May Follow A123 To China http://www.thetruthaboutcars.com/2013/02/fisker-may-follow-a123-to-china/ http://www.thetruthaboutcars.com/2013/02/fisker-may-follow-a123-to-china/#comments Fri, 15 Feb 2013 17:23:16 +0000 http://www.thetruthaboutcars.com/?p=477700 Reports by Bloomberg suggest that Fisker could sell up to an 85 percent stake to Chinese automaker Dongfeng. The automaker apparently bid $350 million for the beleaguered plug-in car maker, according to sources close to the company. With a $200 million Department of Energy loan still outstanding, and a possible cash crunch looming mid-year, Fisker has been […]

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Reports by Bloomberg suggest that Fisker could sell up to an 85 percent stake to Chinese automaker Dongfeng. The automaker apparently bid $350 million for the beleaguered plug-in car maker, according to sources close to the company. With a $200 million Department of Energy loan still outstanding, and a possible cash crunch looming mid-year, Fisker has been […]

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Bankrupt A123 Sold Off To China – Washington Says It’s Cool, Now What About Those 63,000 Jobs In Michigan? http://www.thetruthaboutcars.com/2013/01/bankrupt-a123-sold-off-to-china-washington-says-its-cool-now-what-about-those-63000-jobs-in-michigan/ http://www.thetruthaboutcars.com/2013/01/bankrupt-a123-sold-off-to-china-washington-says-its-cool-now-what-about-those-63000-jobs-in-michigan/#comments Tue, 29 Jan 2013 15:03:33 +0000 http://www.thetruthaboutcars.com/?p=475734   U.S. government funded and nonetheless bankrupt battery maker A123 will be Chinese. China’s Wanxiang emerged as the successful bidder in December. All the deal needed  was U.S. government approval. The deal has been approved, says Reuters. According to the report, the U.S. government committee on foreign investment approved the sale. Some members of Congress […]

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  U.S. government funded and nonetheless bankrupt battery maker A123 will be Chinese. China’s Wanxiang emerged as the successful bidder in December. All the deal needed  was U.S. government approval. The deal has been approved, says Reuters. According to the report, the U.S. government committee on foreign investment approved the sale. Some members of Congress […]

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Surprise: U.S. Government Won’t Give Money To Chinese-Owned A123 http://www.thetruthaboutcars.com/2012/12/surprise-u-s-government-wont-give-money-to-chinese-owned-a123/ http://www.thetruthaboutcars.com/2012/12/surprise-u-s-government-wont-give-money-to-chinese-owned-a123/#comments Tue, 11 Dec 2012 13:38:09 +0000 http://www.thetruthaboutcars.com/?p=469769 Battery maker A123 was sold to China’s Wanxiang Group, but the company won’t come with more government money. The DOE won’t give A123 Systems Inc. the balance of a $249 million grant, a department official tells Reuters. Wanxiang, in the meantime, let it become known that it did not ask for the grant money, and […]

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Battery maker A123 was sold to China’s Wanxiang Group, but the company won’t come with more government money. The DOE won’t give A123 Systems Inc. the balance of a $249 million grant, a department official tells Reuters. Wanxiang, in the meantime, let it become known that it did not ask for the grant money, and […]

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China’s Wanxiang Successful Bidder For Government-Backed A123 http://www.thetruthaboutcars.com/2012/12/chinas-wanxiang-successful-bidder-for-government-backed-a123/ http://www.thetruthaboutcars.com/2012/12/chinas-wanxiang-successful-bidder-for-government-backed-a123/#comments Sun, 09 Dec 2012 14:40:21 +0000 http://www.thetruthaboutcars.com/?p=469586 Wanxiang Group, China’s largest maker of auto parts won the auction for A123 Systems, Reuters says. The maker of batteries for electric cars was funded partly with U.S. government money, but went bankrupt nonetheless. Investment banker Lazard Freres told Reuters that Wanxiang’s bid of about $260 million was better than a joint bid of Johnson […]

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Wanxiang Group, China’s largest maker of auto parts won the auction for A123 Systems, Reuters says. The maker of batteries for electric cars was funded partly with U.S. government money, but went bankrupt nonetheless. Investment banker Lazard Freres told Reuters that Wanxiang’s bid of about $260 million was better than a joint bid of Johnson […]

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Siemens and NEC Added to List of A123 Buyers http://www.thetruthaboutcars.com/2012/12/siemens-and-nec-added-to-list-of-a123-buyers/ http://www.thetruthaboutcars.com/2012/12/siemens-and-nec-added-to-list-of-a123-buyers/#comments Thu, 06 Dec 2012 20:42:35 +0000 http://www.thetruthaboutcars.com/?p=469330 In the bankruptcy auction for EV battery maker A123 that begins today, Reuters is reporting that NEC of Japan and Siemens of Germany are going to join China’s Wangxiang and Wisconsin’s Johnson Controls in bidding for the entire company. In addition to those trying to buy the company in toto there are also reported to […]

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In the bankruptcy auction for EV battery maker A123 that begins today, Reuters is reporting that NEC of Japan and Siemens of Germany are going to join China’s Wangxiang and Wisconsin’s Johnson Controls in bidding for the entire company. In addition to those trying to buy the company in toto there are also reported to […]

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Fisker Runs Out Of Batteries, Stops Karma Production http://www.thetruthaboutcars.com/2012/11/fisker-runs-out-of-batteries-stops-karma-production/ http://www.thetruthaboutcars.com/2012/11/fisker-runs-out-of-batteries-stops-karma-production/#comments Fri, 30 Nov 2012 06:18:43 +0000 http://www.thetruthaboutcars.com/?p=468510 Fisker put production of its Karma plug-in hybrid on hold. Reason: It is running out of batteries. Bankrupt battery manufacturer A123 Systems has cut its output. According to a Reuters report, Fisker has enough lithium-ion batteries on hand in case an owner needs a replacement, but that’s it. A123 will be auctioned-off on December 6, […]

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Fisker put production of its Karma plug-in hybrid on hold. Reason: It is running out of batteries. Bankrupt battery manufacturer A123 Systems has cut its output. According to a Reuters report, Fisker has enough lithium-ion batteries on hand in case an owner needs a replacement, but that’s it. A123 will be auctioned-off on December 6, […]

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A123 Wants to Void Contract with Fisker, Fisker Says That Would Disrupt “Ongoing Business” http://www.thetruthaboutcars.com/2012/11/a123-wants-to-void-contract-with-fisker-fisker-says-that-would-disrupt-ongoing-business/ http://www.thetruthaboutcars.com/2012/11/a123-wants-to-void-contract-with-fisker-fisker-says-that-would-disrupt-ongoing-business/#comments Thu, 01 Nov 2012 17:08:51 +0000 http://www.thetruthaboutcars.com/?p=465622 While Johnson Controls and China’s Wanxiang Group have competing bids to acquire the assets of advanced battery maker and Fisker supplier A123, a more serious battle is occurring in U.S. Bankruptcy Court in Delaware between the startup automaker and what is arguably its most important vendor. A123 wants the bankruptcy judge to void its contracts […]

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While Johnson Controls and China’s Wanxiang Group have competing bids to acquire the assets of advanced battery maker and Fisker supplier A123, a more serious battle is occurring in U.S. Bankruptcy Court in Delaware between the startup automaker and what is arguably its most important vendor. A123 wants the bankruptcy judge to void its contracts […]

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Fisker Asks For More Time With A123 http://www.thetruthaboutcars.com/2012/10/fisker-asks-for-more-time-with-a123/ http://www.thetruthaboutcars.com/2012/10/fisker-asks-for-more-time-with-a123/#comments Mon, 29 Oct 2012 13:00:29 +0000 http://www.thetruthaboutcars.com/?p=465223 Fisker is asking a bankruptcy judge to delay an asset sale related to beleaguered battery maker A123 Systems. Bloomberg reports that Fisker filed an “emergency motion” to challenge the proceedings. A proposed asset sale would see Johnson Controls Inc. purchase the automotive assets of A123, including plants in Michigan and China, with JCI also looking to acquire further […]

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Fisker is asking a bankruptcy judge to delay an asset sale related to beleaguered battery maker A123 Systems. Bloomberg reports that Fisker filed an “emergency motion” to challenge the proceedings. A proposed asset sale would see Johnson Controls Inc. purchase the automotive assets of A123, including plants in Michigan and China, with JCI also looking to acquire further […]

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The Chinese Still Want A123 http://www.thetruthaboutcars.com/2012/10/the-chinese-still-want-a123/ http://www.thetruthaboutcars.com/2012/10/the-chinese-still-want-a123/#comments Thu, 18 Oct 2012 02:00:06 +0000 http://www.thetruthaboutcars.com/?p=464074 When we reported that battery maker A123 had filed for bankruptcy, a lot of people thought that Johnson Controls is in control, and that Chinese Wanxiang is out. No and no, writes Reuters star car reporter Norihiko Shirouzu. Wanxiang still wants A123, and Johnson Controls is just one bidder in a Chapter 11 process, says […]

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When we reported that battery maker A123 had filed for bankruptcy, a lot of people thought that Johnson Controls is in control, and that Chinese Wanxiang is out. No and no, writes Reuters star car reporter Norihiko Shirouzu. Wanxiang still wants A123, and Johnson Controls is just one bidder in a Chapter 11 process, says […]

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A123 Files For Bankruptcy, Johnson Controls To Take Over http://www.thetruthaboutcars.com/2012/10/a123-files-for-bankruptcy/ http://www.thetruthaboutcars.com/2012/10/a123-files-for-bankruptcy/#comments Tue, 16 Oct 2012 20:22:55 +0000 http://www.thetruthaboutcars.com/?p=463775 Reuters reports that battery maker A123 Systems is filing to bankruptcy protection in Delaware. The company has received cash infusions from China earlier this summer, and its financial situation has been precarious, to say the least. Political controversies were also part and parcel of the story, as with any green energy project today, and A123 received a […]

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Reuters reports that battery maker A123 Systems is filing to bankruptcy protection in Delaware. The company has received cash infusions from China earlier this summer, and its financial situation has been precarious, to say the least. Political controversies were also part and parcel of the story, as with any green energy project today, and A123 received a […]

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Automakers Worried About A123 Deal, Stabenow And Levin Silent, No Phonecalls From The President http://www.thetruthaboutcars.com/2012/08/automakers-worried-about-a123-deal-stabenow-and-levin-silent-no-phonecalls-from-the-president/ http://www.thetruthaboutcars.com/2012/08/automakers-worried-about-a123-deal-stabenow-and-levin-silent-no-phonecalls-from-the-president/#comments Fri, 17 Aug 2012 09:20:20 +0000 http://www.thetruthaboutcars.com/?p=457151 U.S. Senators long have warned of an exodus of American know-how to China. Last year, Michigan Senators Debbie Stabenow and Carl Levin complained to United States Trade Representative Ron Kirk about another attempt by China ”to illegally gain an unfair advantage over the U.S. automobile industry that will cost our country jobs. The United States […]

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U.S. Senators long have warned of an exodus of American know-how to China. Last year, Michigan Senators Debbie Stabenow and Carl Levin complained to United States Trade Representative Ron Kirk about another attempt by China ”to illegally gain an unfair advantage over the U.S. automobile industry that will cost our country jobs. The United States […]

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“I will not cede the wind or solar or battery industry to China.” Ooops. Never Mind http://www.thetruthaboutcars.com/2012/08/i-will-not-cede-the-wind-or-solar-or-battery-industry-to-china-ooops-never-mind/ http://www.thetruthaboutcars.com/2012/08/i-will-not-cede-the-wind-or-solar-or-battery-industry-to-china-ooops-never-mind/#comments Fri, 10 Aug 2012 18:20:29 +0000 http://www.thetruthaboutcars.com/?p=456306 In his 2012 State of the Union address, President Barack Obama said this to critics of his lavish green technology initiative: “I will not cede the wind or solar or battery industry to China or Germany because we refuse to make the same commitment here. “ Instead, battery manufacturers first get financed by double-green government handouts, […]

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In his 2012 State of the Union address, President Barack Obama said this to critics of his lavish green technology initiative: “I will not cede the wind or solar or battery industry to China or Germany because we refuse to make the same commitment here. “ Instead, battery manufacturers first get financed by double-green government handouts, […]

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A123 Becomes Chinese – Faster Than Imagined http://www.thetruthaboutcars.com/2012/08/a123-becomes-chinese-faster-than-imagined/ http://www.thetruthaboutcars.com/2012/08/a123-becomes-chinese-faster-than-imagined/#comments Wed, 08 Aug 2012 13:29:57 +0000 http://www.thetruthaboutcars.com/?p=455889 Troubled battery maker A123 is getting another lifeline. This time, from China. Wanxiang Group  will invest as much as $450 million in the company, says Reuters. Wanxiang, one of the largest Chinese auto component makers.  A123 will soon be Chinese. A123, which received a $249 million grant from the Obama administration as part of a […]

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Troubled battery maker A123 is getting another lifeline. This time, from China. Wanxiang Group  will invest as much as $450 million in the company, says Reuters. Wanxiang, one of the largest Chinese auto component makers.  A123 will soon be Chinese. A123, which received a $249 million grant from the Obama administration as part of a […]

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Your Tax Dollars At Stake: Battery Maker A123 Running Out Of Runway http://www.thetruthaboutcars.com/2012/07/your-tax-dollars-at-stake-battery-maker-a123-running-out-of-runway/ http://www.thetruthaboutcars.com/2012/07/your-tax-dollars-at-stake-battery-maker-a123-running-out-of-runway/#comments Sat, 07 Jul 2012 14:03:22 +0000 http://www.thetruthaboutcars.com/?p=451657   The irrational electrification exuberance  claims another victim: Battery maker A123 Systems Inc is running out of money. A lot of it is your money. Says Reuters: “The company, which received a $249 million grant from the Obama administration as part of a program to develop advanced lithium-ion batteries, said in documents filed with U.S. […]

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  The irrational electrification exuberance  claims another victim: Battery maker A123 Systems Inc is running out of money. A lot of it is your money. Says Reuters: “The company, which received a $249 million grant from the Obama administration as part of a program to develop advanced lithium-ion batteries, said in documents filed with U.S. […]

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A123 Systems Recalling Battery Packs Used In Fisker Karma, Other Cars http://www.thetruthaboutcars.com/2012/03/a123-systems-recalling-battery-packs-used-in-fisker-karma-other-cars/ http://www.thetruthaboutcars.com/2012/03/a123-systems-recalling-battery-packs-used-in-fisker-karma-other-cars/#comments Mon, 26 Mar 2012 16:35:04 +0000 http://www.thetruthaboutcars.com/?p=436508 A123 Systems will be replacing battery packs built at their Livonia, Michigan plant that contain prismatic cells – the same type used in the Fisker Karma. The recall is estimated to cost A123 about $55 million. The defective batteries are linked to the recent problems experienced by Fisker Karma owners, according to A123 CEO David […]

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A123 Systems will be replacing battery packs built at their Livonia, Michigan plant that contain prismatic cells – the same type used in the Fisker Karma. The recall is estimated to cost A123 about $55 million. The defective batteries are linked to the recent problems experienced by Fisker Karma owners, according to A123 CEO David […]

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Fiat/Chrysler EV Program Loses Battery Supplier A123 http://www.thetruthaboutcars.com/2010/08/fiatchrysler-ev-program-loses-battery-supplier-a123/ http://www.thetruthaboutcars.com/2010/08/fiatchrysler-ev-program-loses-battery-supplier-a123/#comments Fri, 13 Aug 2010 16:07:09 +0000 http://www.thetruthaboutcars.com/?p=362904 Just weeks before Chrysler filed for bankruptcy last year, it announced a battery partnership with A123 Systems, which would have provided Lithium-ion batteries for Chrysler’s ENVI lineup of EV vapor. Needless to say, the ENVI program disappeared after bankruptcy, but A123 stuck around and was rewarded with the supply contract for Chrysler’s only prospective EV […]

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Just weeks before Chrysler filed for bankruptcy last year, it announced a battery partnership with A123 Systems, which would have provided Lithium-ion batteries for Chrysler’s ENVI lineup of EV vapor. Needless to say, the ENVI program disappeared after bankruptcy, but A123 stuck around and was rewarded with the supply contract for Chrysler’s only prospective EV […]

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Fisker Parts Ways With Ener1, Hooks Up With A123 http://www.thetruthaboutcars.com/2010/01/fisker-parts-ways-with-ener1-hooks-up-with-a123/ http://www.thetruthaboutcars.com/2010/01/fisker-parts-ways-with-ener1-hooks-up-with-a123/#comments Fri, 15 Jan 2010 15:51:12 +0000 http://www.thetruthaboutcars.com/?p=341929 Battery firm Ener1/EnerDel, which recently brought the EV firm Th!ink back from bankruptcy, has lost the battery contract for Fisker’s Karma luxury EV. According to Schaeffersresearch, Ener1 “decided it would be better pursuing higher-volume battery supply deals when larger automakers begin rolling out their versions of electric cars.” Says Ener1 CEO  Charles Gassenheimer, “we have […]

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Battery firm Ener1/EnerDel, which recently brought the EV firm Th!ink back from bankruptcy, has lost the battery contract for Fisker’s Karma luxury EV. According to Schaeffersresearch, Ener1 “decided it would be better pursuing higher-volume battery supply deals when larger automakers begin rolling out their versions of electric cars.” Says Ener1 CEO  Charles Gassenheimer, “we have […]

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Shunned Volt Battery Maker Joins Forces With China http://www.thetruthaboutcars.com/2009/12/shunned-volt-battery-maker-joins-forces-with-china/ http://www.thetruthaboutcars.com/2009/12/shunned-volt-battery-maker-joins-forces-with-china/#comments Sat, 19 Dec 2009 07:40:36 +0000 http://www.thetruthaboutcars.com/?p=339676 After a two year neck-and-neck race between battery makers LG Chem and A123, GM awarded its Volt contract to Lucky Goldstar – make that LG Chem, or rather their subsidiary Compact Power: Now the Lucky Guys are waiting for the thing to hit the road in large quantities. A123 was widely regarded as the far […]

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After a two year neck-and-neck race between battery makers LG Chem and A123, GM awarded its Volt contract to Lucky Goldstar – make that LG Chem, or rather their subsidiary Compact Power: Now the Lucky Guys are waiting for the thing to hit the road in large quantities. A123 was widely regarded as the far […]

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