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Chinese Rescue of Battery Maker Saves U.S. Jobs, CEO Says

Bloomberg -- A123 Systems Inc. (AONE)’s chief executive officer said the company’s financial rescue by China’s largest auto-parts maker will preserve U.S. jobs, after the agreement drew criticism from congressional Republicans.

A123, a maker of lithium-ion batteries for electric cars, may get financing worth as much as $450 million from Wanxiang Group Corp. The deal that may give Wanxiang an 80 percent stake in Waltham, Massachusetts-based A123, recipient of a $249 million federal grant for U.S. factory construction, is opposed by Representative Cliff Stearns, a Florida Republican.

The federal funds “can only be used for building factories in North America and the creation of jobs, and that’s what’s been done,” David Vieau, A123’s president and CEO, said in a telephone interview yesterday.

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Submitted Aug 12, 2012 By: GasPasserAB

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serrog Champion Author Nova Scotia Posts:5,579 Points:1,515,055 Joined:Oct 2008	Message Posted: Aug 12, 2012 11:26:41 PM Ignore serrog Report Abuse wow
skyking797 Sophomore Author Phoenix Posts:112 Points:102,445 Joined:Jun 2004	Message Posted: Aug 12, 2012 11:25:10 PM Ignore skyking797 Report Abuse It's ALL going to CHINA boys........ OUR govt has sold US out again!!!!
TheSnowstorm Champion Author Montreal Posts:8,634 Points:1,915,955 Joined:June 2005	Message Posted: Aug 12, 2012 11:24:48 PM Ignore TheSnowstorm Report Abuse An unfortunate sign of the times..
Bonito Champion Author Dayton Posts:15,766 Points:3,009,845 Joined:Jun 2004	Message Posted: Aug 12, 2012 11:23:31 PM Ignore Bonito Report Abuse WHO EVER BELIEVES A "CEO"! WHEN THEY OPEN THEIR MOUTH I PAY ALONG WITH 95% OF AMERICA! THEY ARE SCREWING THE POOR AND MIDDLE CLASS!
justmedc Veteran Author Michigan Posts:382 Points:174,045 Joined:Mar 2012	Message Posted: Aug 12, 2012 11:23:28 PM Ignore justmedc Report Abuse and more of america For Sale
HA4CNN Champion Author Toronto Posts:5,639 Points:1,546,415 Joined:Dec 2006	Message Posted: Aug 12, 2012 11:21:22 PM Ignore HA4CNN Report Abuse A sad situation.
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: Aug 12, 2012 11:19:47 PM Ignore Agarre Report Abuse hmmmm
NotmeuQc Champion Author Montreal Posts:5,651 Points:1,134,800 Joined:Apr 2009	Message Posted: Aug 12, 2012 11:19:30 PM Ignore NotmeuQc Report Abuse I'm not sure I like this deal.
TopGunn Champion Author Baltimore Posts:9,196 Points:2,618,230 Joined:Aug 2004	Message Posted: Aug 12, 2012 11:18:55 PM Ignore TopGunn Report Abuse To me, sounds like the 'wolf' is crying again.
Tekkersmom57 Champion Author Syracuse Posts:1,889 Points:703,140 Joined:May 2010	Message Posted: Aug 12, 2012 11:17:41 PM Ignore Tekkersmom57 Report Abuse This sounds like a scary venture!
Focus2 Champion Author Illinois Posts:7,896 Points:1,920,520 Joined:Mar 2006	Message Posted: Aug 12, 2012 11:17:33 PM Ignore Focus2 Report Abuse China can open a factory here and bring their own people over to run it.
kelly1016 Champion Author Victoria Posts:1,953 Points:352,940 Joined:Oct 2011	Message Posted: Aug 12, 2012 11:17:18 PM Ignore kelly1016 Report Abuse Do not trust chinese
pgerassi Champion Author Milwaukee Posts:10,911 Points:2,134,530 Joined:Apr 2007	Message Posted: Aug 12, 2012 11:16:52 PM Ignore pgerassi Report Abuse Their prices are too high for very little more performance.
bonzoonfmb Champion Author Florida Posts:1,792 Points:646,535 Joined:Feb 2010	Message Posted: Aug 12, 2012 11:14:18 PM Ignore bonzoonfmb Report Abuse YAY Chinese!
dky63 Veteran Author Illinois Posts:417 Points:166,965 Joined:Apr 2011	Message Posted: Aug 12, 2012 11:14:17 PM Ignore dky63 Report Abuse Obama will give anybody money - the election is getting close
wayoung56 Champion Author Alabama Posts:2,815 Points:821,260 Joined:Oct 2006	Message Posted: Aug 12, 2012 11:12:50 PM Ignore wayoung56 Report Abuse Interesting article...
PissedATthePump All-Star Author Pennsylvania Posts:507 Points:119,580 Joined:May 2012	Message Posted: Aug 12, 2012 11:11:26 PM Ignore PissedATthePump Report Abuse $450 million buys an 80% stake in this soon to be Chinese company, but for $249 million the US taxpayers don't even get a battery! What is wrong with this picture? I bet the factory that "we the people" just paid to build will end up shuttered because of the "high labor costs" here in the US.
Daktylo Veteran Author Tucson Posts:290 Points:121,140 Joined:Apr 2011	Message Posted: Aug 12, 2012 11:10:27 PM Ignore Daktylo Report Abuse Are we still throwing money at otherwise failed ventures? Didn't we do this in the 90's? The dotcom bust was a result of venture capital being thrown at ill thought out ideas. If you're not making it, maybe there's a reason?
SandeeC Champion Author Ontario Posts:3,003 Points:461,905 Joined:Apr 2011	Message Posted: Aug 12, 2012 11:08:43 PM Ignore SandeeC Report Abuse What's in it for them?
ItsMorph Champion Author Grand Rapids Posts:33,452 Points:3,188,105 Joined:Mar 2004	Message Posted: Aug 12, 2012 11:08:17 PM Ignore ItsMorph Report Abuse
Focus2 Champion Author Illinois Posts:7,896 Points:1,920,520 Joined:Mar 2006	Message Posted: Aug 12, 2012 11:08:04 PM Ignore Focus2 Report Abuse Shouldn't happen! Now we are subsidizing a company that will be 80% China owned? It won't even stay here long. They will also steal or own or secrets and technology. Do we bail them out? Stop the buy in and let them fail, or turn it all over to the Communist?
mcmonsta Champion Author Honolulu Posts:3,237 Points:820,495 Joined:Sep 2009	Message Posted: Aug 12, 2012 11:07:00 PM Ignore mcmonsta Report Abuse what a backdoor way to gain market share out of our tax dollars.
1WI All-Star Author Appleton Posts:818 Points:274,255 Joined:Jan 2012	Message Posted: Aug 12, 2012 11:06:58 PM Ignore 1WI Report Abuse More than we get from our government.
Mustache_33 All-Star Author Toronto Posts:900 Points:181,455 Joined:May 2012	Message Posted: Aug 12, 2012 11:06:21 PM Ignore Mustache_33 Report Abuse hmm
A2J Champion Author Richmond Posts:3,085 Points:604,900 Joined:Aug 2011	Message Posted: Aug 12, 2012 11:05:38 PM Ignore A2J Report Abuse hmmm
dacofa Champion Author Nevada Posts:5,375 Points:1,150,610 Joined:Jan 2010	Message Posted: Aug 12, 2012 11:05:24 PM Ignore dacofa Report Abuse Yeah the Ceo's
mdskier Champion Author Maryland Posts:9,947 Points:1,784,730 Joined:Aug 2005	Message Posted: Aug 12, 2012 11:02:10 PM Ignore mdskier Report Abuse Amusing,GM had been using A123's batteries then let them sink by going with cheap Korean batteries in the Volt. China now goes after this American technology.
slowpoke63 Champion Author Louisiana Posts:2,747 Points:889,090 Joined:Jul 2009	Message Posted: Aug 12, 2012 11:00:17 PM Ignore slowpoke63 Report Abuse China owns a good bit of our national debt. How much more until they own us?
granitestater Champion Author New Hampshire Posts:8,836 Points:1,432,700 Joined:Oct 2008	Message Posted: Aug 12, 2012 11:00:09 PM Ignore granitestater Report Abuse Ironic, isn't it?
nb52 Champion Author Grand Rapids Posts:7,790 Points:1,548,800 Joined:Nov 2008	Message Posted: Aug 12, 2012 10:59:52 PM Ignore nb52 Report Abuse Hey, where's President Oblabla when we need him?
2parrots Champion Author Massachusetts Posts:1,567 Points:347,490 Joined:May 2012	Message Posted: Aug 12, 2012 10:58:58 PM Ignore 2parrots Report Abuse ah so or so ahh
sillywagon Champion Author New York Posts:14,907 Points:1,443,295 Joined:Oct 2008	Message Posted: Aug 12, 2012 10:57:49 PM Ignore sillywagon Report Abuse I don't understand. Are their any American national security issues regarding A123 making high end rechargeable batteries? I think the Chinese have just pissed away $450 million after the American taxpayer had $250 million of its taxdollars pissed away. Does anybody win in this deal? Or is it just two Governments pissing away their taxpayers hard earned dollars?
drobbbb Champion Author Maryland Posts:3,490 Points:814,410 Joined:Dec 2010	Message Posted: Aug 12, 2012 10:56:38 PM Ignore drobbbb Report Abuse ok
CheckitoutGuy Champion Author San Diego Posts:1,311 Points:769,590 Joined:Mar 2008	Message Posted: Aug 12, 2012 10:55:51 PM Ignore CheckitoutGuy Report Abuse OK
clermont40miles Champion Author Cincinnati Posts:10,588 Points:1,774,820 Joined:Apr 2008	Message Posted: Aug 12, 2012 10:54:49 PM Ignore clermont40miles Report Abuse How many RPM's is this propaganda spinning?
AmbuDriver All-Star Author San Bernardino Posts:690 Points:461,955 Joined:Aug 2005	Message Posted: Aug 12, 2012 10:54:44 PM Ignore AmbuDriver Report Abuse OMG! Can't trust Washington to help us any more. [Edited by: AmbuDriver at 8/12/2012 10:55:28 PM EST]
cateyes8264 Champion Author Tennessee Posts:2,957 Points:644,715 Joined:Jul 2011	Message Posted: Aug 12, 2012 10:52:07 PM Ignore cateyes8264 Report Abuse Slowly but surely they will own the US.
wshutton Champion Author Los Angeles Posts:1,682 Points:927,120 Joined:Mar 2009	Message Posted: Aug 12, 2012 10:50:57 PM Ignore wshutton Report Abuse Perhaps Representative Cliff Stearns should direct his hot air at China which issues grants to its solar panel manufacturers. Talk about government takeovers.
danlanman Champion Author North Carolina Posts:3,342 Points:724,410 Joined:May 2011	Message Posted: Aug 12, 2012 10:49:08 PM Ignore danlanman Report Abuse ok
itzagasgasgas1 Champion Author Cincinnati Posts:3,984 Points:1,601,445 Joined:Aug 2005	Message Posted: Aug 12, 2012 10:47:52 PM Ignore itzagasgasgas1 Report Abuse Nothing wrong with it in the short-term.
mitchell6597 Champion Author New Hampshire Posts:3,462 Points:728,360 Joined:Apr 2010	Message Posted: Aug 12, 2012 10:47:21 PM Ignore mitchell6597 Report Abuse Good
jackster111 Champion Author North Carolina Posts:3,343 Points:427,510 Joined:Feb 2012	Message Posted: Aug 12, 2012 10:47:19 PM Ignore jackster111 Report Abuse Ugh
jad1960 Champion Author Gary Posts:1,555 Points:405,375 Joined:Feb 2012	Message Posted: Aug 12, 2012 10:46:10 PM Ignore jad1960 Report Abuse ok
mwo Champion Author Twin Cities Posts:1,643 Points:1,334,185 Joined:Aug 2004	Message Posted: Aug 12, 2012 10:45:59 PM Ignore mwo Report Abuse Blame it on Obama. Wait, I guess you can't.
GOBUTLER Champion Author Indianapolis Posts:1,425 Points:391,035 Joined:Dec 2011	Message Posted: Aug 12, 2012 10:45:49 PM Ignore GOBUTLER Report Abuse Interesting...
bullseye100 Champion Author New Jersey Posts:2,434 Points:586,155 Joined:Aug 2011	Message Posted: Aug 12, 2012 10:45:25 PM Ignore bullseye100 Report Abuse We all need to brush up on our Chinese.
mikaye Champion Author Cleveland Posts:3,844 Points:867,360 Joined:Jun 2010	Message Posted: Aug 12, 2012 10:44:52 PM Ignore mikaye Report Abuse aaaannnnnnddddd
Spankster85 Champion Author Chicago Posts:1,739 Points:359,015 Joined:Nov 2011	Message Posted: Aug 12, 2012 10:43:48 PM Ignore Spankster85 Report Abuse Okay.
toadNY Champion Author Albany Posts:7,057 Points:1,516,075 Joined:Apr 2008	Message Posted: Aug 12, 2012 10:42:06 PM Ignore toadNY Report Abuse obamas not throwing Tax Payer dollars to them? Thats a surprise.
mgune9 All-Star Author Dallas Posts:914 Points:200,395 Joined:Feb 2012	Message Posted: Aug 12, 2012 10:38:56 PM Ignore mgune9 Report Abuse where will it stop -- they own us now
Alfied Champion Author Riverside Posts:7,950 Points:1,758,210 Joined:Jun 2001	Message Posted: Aug 12, 2012 10:37:23 PM Ignore Alfied Report Abuse More pork.
flyfast Champion Author Kansas City Posts:9,263 Points:1,827,985 Joined:Jan 2008	Message Posted: Aug 12, 2012 10:27:20 PM Ignore flyfast Report Abuse do not bet on this