Chinese auto parts manufacturer Wanxiang Group won control of the bankrupt battery manufacturer, which provides batteries for the Fisker Karma among other electric vehicles, with its bid of $256 million (€198 million). The deal, which still faces an approval hearing in US courts, would see the Chinese firm take control of everything except the struggling battery makers’ US government businesses, which are set to be transferred to a new EV firm Navitas Systems for $2.2 million (€1.7 million).

The deal would allow A123 Systems to resume battery production and continue delivery of batteries to Fisker Automotive, whose production has been at a standstill since late November owing, in part, to the battery maker’s inability to continue delivery.

Source: NY Times article

Read more: Bloomberg report on A123's bankruptcy filing