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Electric-car battery maker A123 Systems files for Chapter 11 after years of losses
Electric-car battery maker A123 Systems files for Chapter 11 after years of losses - The Washington Post
This is what is called backing the losers!!! At least asteroid mining would=more wealth and resources for all of us!
DETROIT After years of struggling with weak sales and mounting losses, electric-car battery maker A123 Systems filed for bankruptcy protection and reached a deal to sell its automotive assets Tuesday.
Auto parts maker Johnson Controls will pay $125 million for A123s auto business, which includes two Michigan factories and the lithium-ion battery technology used in cars like the Fisker Karma and upcoming Chevrolet Spark.
A new study suggests that the Fed shouldn't have just cut interest rates. It should have made them negative.
A123s demise as an independent business reflects the problems of the electric-car industry. Americans have been slow to buy the vehicles because theyre expensive, and many models have limited range and can run out of power on longer trips. Lackluster sales of EVs and batteries left A123 Systems Inc. with huge losses and a plunging market value.
The companys stock price, which traded for more than $20 on the day of its initial public offering in 2009, fell to 6 cents in late-day trading Tuesday.
Electric-car battery maker A123 Systems files for Chapter 11 after years of losses - The Washington Post
This is what is called backing the losers!!! At least asteroid mining would=more wealth and resources for all of us!