Wanxiang

Wanxiang Group Corporation (Chinese: 万向集团) is a Chinese multinational conglomerate, headquartered in Hangzhou, Zhejiang province, China. Its automotive components subsidiary (Wangxiang Qiaochao) is the largest China-based automotive components company measured by revenues.[1] The company was founded in 1969 by Lu Guanqiu.

Subsidiaries

Wangxiang Qianchao Co., Ltd.

Wangxiang Qiaochao Co., Ltd. is a public company listed on Shenzhen Stock Exchange (Symbol 000559).

A123 Systems, 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[2] for a closing price of US$256.6 million.[3] A123 Systems had more than 3000 employees as of that date.[3]

The Committee on Foreign Investment in the United States (CFIUS) granted its approval,[2][4] and on January 28, 2013, Wanxiang Group's Chicago-based subsidiary, Wanxiang America,[3] purchased the preponderance of A123's assets out of bankruptcy for US$256.6 million and organized a new company, similarly-named A123Systems, LLC.[2]

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 which 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 that 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 U.S. and 500 in Europe.[5] The automotive company was renamed to Karma Automotive, and their car was renamed Revero.

See also

References

  1. ^ "Chinese Firm Purchases U.S. Maker of Batteries". The New York Times. 30 January 2013. Retrieved 31 January 2013.
  2. ^ a b c Vlasic, Bill (May 14, 2013). "Chinese Creating New Auto Niche Within Detroit". New York Times. pp. 5/13/13 N.Y. Times A1. Retrieved 2013-05-14.
  3. ^ a b c "China's Wanxiang wins auction for A123". CNN Money. 10 December 2012. Retrieved 31 January 2013.
  4. ^ "China's Wanxiang wins approval to buy US battery maker". BBC News. 30 January 2013. Retrieved 31 January 2013.
  5. ^ Hals, Tom (18 February 2014). "Court clears sale of hybrid car maker Fisker to China's Wanxiang". Reuters. Retrieved 19 February 2014.

External links