Wanxiang Group's acquisition of lithium-ion battery maker A123 Systems has been approved by the US government, according to a statement from the Chinese auto parts maker. Wanxiang's US unit had agreed to pay $257 million for A123's automotive battery business and related assets in a bankruptcy auction.
The US Department of Energy has been sued in US court by a company that it denied a loan to in its Advanced Technology Vehicles Manufacturing program. San Francisco-based XP Technology is charging the DOE with "corruption and negligence" for the way it handled the approval for loan process.
- Volvo shoots for self-drivers by 2021
- Jeep spends $1 billion on factories
- Find Parts & Accessories for your vehicle!
- Obama rolls out new EV plan
- Infiniti dealers ranked best, Tesla worst
- Compare Volvo XC90 and Lincoln MKX