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PHOTO CAPTION: Chevrolet Spark EV on display at 2013 NAIAS is equipped with A123 System lithium batteries.

Wanxiang Wins US Gov't Approval to Buy A123 Systems

The Committee on Foreign Investment in the United States approves auction of A123 to Chinese parts supplier, which generates $1 billion in U.S. revenues supply parts to GM and Ford Motor co.

Published: 30-Jan-2013

China's largest auto parts maker won U.S. government approval to buy A123 Systems Inc, a bankrupt maker of electric car batteries that was funded with U.S. government money, a source familiar with the situation said on Tuesday.

A U.S. government committee on foreign investment approved the sale of the lithium-ion battery maker to Wanxiang Group, according to the source, who asked not to be identified because they were not authorized to speak publicly.

Some members of Congress and retired military leaders said the sale to Wanxiang would transfer sensitive technology to China and they asked the U.S. committee to block it.

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