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Automotive Industry
News covering the Automotive Industry at large.508 articles in this category
Lithium ion battery maker A123 Systems today said it has sold its automotive business to Johnson Controls and is filing for bankruptcy protection.
The moves are a change in strategy for the ailing Waltham, MA-based company, which in August said it will sell an 80 percent share to the auto parts division of Chinese conglomerate Wanxiang for $450 million.
Johnson Controls will acquire a significant set of assets for its $125 million investment, some of which were paid with federal aid. A123 Systems’ auto business includes its technology, two battery factories in Michigan, a cathode powder manufacturing facility in China, and A123’s stake in two auto parts suppliers in China. Johnson Controls also will put up $72.5 million so A123 can maintain operations during the sale.
Detroit Michigan has been chosen to ensure that AKASOL's customers comply with Buy America Act regulations, which dictate that they must purchase locally-produced battery systems.
Automakers are planning to bring to market 100's of electric automobiles by 2025 and a german research company may have solved one of the biggest problems surrounding making them profitable.
Consumers think that with names like Co-Pilot 360, ProPilot, or Autopilot, the car should be able to drive itself.
...That whole autonomous-vehicle will be our savor to ride-hailing services.... that may not be exactly true...
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