Wanxiang Wins Bidding for A123 in Latham-Led Bankruptcy Auction

December 11, 2012

The Chinese auto parts maker Wanxiang Group is set to acquire the assets of the bankrupt A123 Systems, which makes lithium-ion batteries for electric cars, after coming up with a winning $256.6 million bid. A123's bankruptcy sparked a war of words among politicians, with the Obama administration drawing criticism for subsidizing A123 via a federal stimulus program.