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The company became the first automaker to repay money borrowed under the Advanced Technology Vehicle Manufacturing program.
China's largest auto parts maker won U.S. government approval to buy A123 Systems Inc, a bankrupt maker of electric car batteries that was funded with U.S. government money, a source familiar with the situation said on Tuesday.
CNBC's Phil LeBeau reports on China's move to takeover battery maker, A123, with Alan Tonelson, U.S. Business and Industry Council.
China's largest maker of auto parts won a politically sensitive auction for A123 Systems, a bankrupt maker of batteries for electric cars that was funded partly with U.S. government money, the investment banker for A123 said on Saturday.
Senator Chuck Grassley says the very day A123 filed for bankruptcy, the Department of Energy sent a check to the company for nearly $1 million, reports CNBC's Eamon Javers.
CNBC's Eamon Javers reports Senator Chuck Grassley says the very day A123 filed for bankruptcy, the Department of Energy sent a check to the company for nearly $1 million. The Energy Department, he says, needs to answer for "autopilot" funding.
*Fourth-quarter charge of $900 million to $1.1 billion. Oct 30- Dow Chemical Co will take a fourth-quarter charge of as much as $1.1 billion related to last week's announcement that it will close 20 plants, write down the value of its lithium ion battery business and lay off thousands of workers.
MILWAUKEE-- Auto parts maker Johnson Controls is stepping away from its position as the debtor-in-possession lender during the bankruptcy process for battery maker A123 Systems in order to prevent delays.
Oct 26- Bankrupt battery maker A123 Systems Inc. plans to ask for court approval for a loan from auto parts maker Wanxiang Group Corp, which could give the Chinese company an advantage over a U.S. rival in a takeover battle for A123. A123, which filed for bankruptcy earlier this month, has an interim bankruptcy loan with Johnson Controls.
*Most promising cleantech IPO since Tesla Motors. As a result, SolarCity is being hailed as the alternative energy industry's most promising IPO candidate since electric car company Tesla Motors Inc's 2010 debut.
MILWAUKEE-- Auto parts and building equipment maker Johnson Controls Inc. said Monday that it expects to book a pretax charge between $225 million and $275 million in its fiscal fourth quarter, reflecting costs related to restructuring efforts.
NEW YORK-- An analyst says that Johnson Controls' agreement to buy battery maker A123 Systems' automotive assets is a good strategic fit and gives it access to new lithium ion battery technology. Johnson Controls Inc., an auto parts and building equipment maker, plans to keep A123 plants open and sell the company's lithium-ion battery technology.
SHORT CIRCUIT: Short of cash and hurting from weak sales of electric cars, battery maker A123 Systems Inc. filed for bankruptcy protection on Tuesday and quickly sold its automotive assets. Auto parts maker Johnson Controls Inc. will buy the company's automotive business for $125 million.
CNBC's Philj LeBeau reports the bankruptcy filing comes after the company was unable to make a $2.8 million interest payment.
Inflation is low, earnings are high, investors are happy. Results at Mattel, Goldman Sachs, and Johnson& Johnson were all above expectations. Also Tuesday, the Labor Department said consumer prices rose just 0.1 percent last month, not counting food and energy costs.
DETROIT-- After years of struggling in the nascent market for electric cars, battery maker A123 Systems Inc. filed for bankruptcy protection Tuesday. The filing drew criticism from Republicans who claim the Obama administration has wasted millions of taxpayer dollars on alternative energy companies like A123.
WALTHAM, Mass.-- A123 Systems says a default on some of its debt is likely and it may be heading for bankruptcy protection. There were enormous hopes for A123 when it went public three years ago and shares soared 50 percent to more than $20 on the first day. A123 also got a $249 million government grant to help it build a battery factory in Michigan.
Oct 4- Tesla Motors Inc Chief Executive Elon Musk dismissed fears the electric carmaker was in financial trouble and said it was making an advance payment on the federal loan used to make its Model S sedan.
DETROIT, Oct 4- Tesla Motors Inc Chief Executive Elon Musk dismissed fears the electric carmaker was in financial trouble and said it was making an advance payment on the federal loan used to make its Model S sedan.