Products Automotive components | Area served Worldwide Founded 1969 | |
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Website www.wanxiang.com.cn (Chinese) Subsidiaries A123 Systems, Wanxiang Qianchao | ||
Ni says wanxiang hasn t had difficulties growing in u s
Wanxiang Group Corporation (Chinese: δΈειε’) is a Chinese multinational automotive components manufacturing company headquartered in Hangzhou, Zhejiang province, China. It is the largest China-based automotive components company measured by revenues.
Contents
- Ni says wanxiang hasn t had difficulties growing in u s
- Wanxiang chinese or american
- A123Systems LLC
- Fisker Automotive Karma Automotive
- References
Wanxiang chinese or american
A123Systems, LLC
On October 16, 2012, A123 Systems had filed for bankruptcy protection under Chapter 11, Title 11, United States Code. Wanxiang won an auction for the bankrupt United States-based lithium-ion battery maker in December 2012, for a closing price of US$256.6 million. A123 Systems had more than 3000 employees as of that date.
The Committee on Foreign Investment in the United States (CFIUS) granted its approval and on January 28, 2013, Wanxiang Group's Chicago-based subsidiary, Wanxiang America purchased the preponderance of A123's assets out of bankruptcy for US$256.6 million and organized a new company, similarly-named A123Systems, LLC.
Fisker Automotive & Karma Automotive
Wanxiang received U.S. bankruptcy court approval on February 18, 2014, to buy the assets of Fisker Automotive, a manufacturer of plug-in hybrid sports cars that was declared bankrupt in November 2013. Wanxiang's American subsidiary won a three-day auction with a bid of US$149.2 million. Bidding had started at US$55 million. The company said in court papers it could restart production in the coming months, estimating that it would sell more than 1,000 Fisker Karma cars in the first 18 months in the US and 500 in Europe. The automotive company was renamed to Karma Automotive, and their car was renamed Revero.