Wanxiang Group’s purchase of A123 Systems Inc. has been approved by the U.S. government, despite concerns of sensitive technology being transferred to China.
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Bankrupt battery manufacturer A123 Systems expects its sale to Chinese firm Wangxiang to be complete in a little over a week.
A year riddled with controversy for electric cars is winding down, but not without at least one more flare up — Chinese firm Wanxiang Group won the bidding war for A123 Systems.
Bankrupt battery maker A123 Systems was scheduled to go up for auction today behind closed doors at a Chicago law firm, but the list of bidders is likely to cause trouble.