A123, China's Shanghai Autos Plan Battery Venture
SHANGHAI (AP) ¿ A123 Systems Inc. and General Motors Co. partner SAIC Motor Corp. said Thursday they plan a joint venture in China to supply batteries for electric and hybrid vehicles.
Watertown, Mass.-based A123 already is a supplier to GM. The deal with SAIC, one of China's biggest automakers, extends that cooperation in China, the world's biggest auto market.
State-owned SAIC will hold a 51 percent stake in the joint venture, which will focus on developing battery systems for electric and hybrid cars, trucks and buses, A123 said in a statement. It gave no financial details.
"We look forward to building a team of outstanding employees to develop innovative battery technologies that we expect will be included in some of the highest quality hybrid and electric vehicles anywhere in the world," David Vieau, CEO of A123 Systems, said in the statement.The new venture, called Shanghai Advanced Traction Battery Systems Co., will be the main supplier for all hybrid and pure electric vehicles made by SAIC Motor and its subsidiaries. But it will also seek to expand its share in the market for electric vehicle battery systems, it said. A123 Systems will hold 49 percent in venture and share management duties equally with SAIC, the statement said. SAIC is using A123 battery cells in its own-brand autos, including the hybrid Roewe 750 and a plug-in version of the Roewe 550.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV