Wanxiang Group, the largest auto parts manufacturer in China, entered the final approval stage for the acquisition of A123, the leading lithium battery company in the United States.

In a recent interview with Xinhua, the general manager of U.S. company Ni Ni admitted that the acquisition itself has greater industry uncertainty. Due to the high cost of using lithium batteries for automobiles and difficulties in marketing, it is difficult to make profits within three to five years. He hopes to reorganize and adjust after the completion of the acquisition to combine the factors of the Chinese market and hopes to reduce the loss by half next year.

It is understood that A123 Systems’ US factory is a product of the Obama administration’s economic stimulus plan. Prior to this, A123 Systems' factories were all located in China, and the core technology lithium iron phosphate material was also produced in China. The formula was also used in China. Ni Jin believes that the approval of the U.S. Foreign Investment Commission is a procedural issue.

Ni Feng said that because the current large-scale city withdrawal does not support the large-scale development of electric vehicles, the problem with A123 system companies is to do more and more. “Currently still evaluating, non-strategic projects that do not see market prospects can, in principle, give up and give up.” He believes that the existing technology part of A123 Systems has a better market prospect and can adjust the structure. Minimise losses.

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February 26, 2023