Wanxiang Group
 |
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| Industry | Automotive |
|---|---|
| Founded | 1969 |
| Founder | Lu Guanqiu |
| Headquarters | Hangzhou, Zhejiang, China |
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Area served
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Worldwide |
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Key people
|
Mr. Weiding Lu (Chief Executive Officer) Pin Ni (President) Lu Guanqiu (Chairman) |
| Products | Automotive components |
| Subsidiaries |
List
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| Website | www.wanxiang.com.cn (Chinese) |
Wanxiang Group Corporation (Chinese: 万向集团) is a Chinese multinational automotive components manufacturing company headquartered in Hangzhou, Zhejiang province, China. It is the largest China-based automotive components company measured by revenues.
On October 16, 2012, A123 Systems had filed for bankruptcy protection under Chapter 11, Title 11, United States Code. Wanxiang won an auction for the bankrupt United States-based lithium-ion battery maker in December 2012, for a closing price of US$256.6 million. A123 Systems had more than 3000 employees as of that date.
The Committee on Foreign Investment in the United States (CFIUS) granted its approval and on January 28, 2013, Wanxiang Group's Chicago-based subsidiary, Wanxiang America purchased the preponderance of A123's assets out of bankruptcy for US$256.6 million and organized a new company, similarly-named A123Systems, LLC.
Wanxiang received U.S. bankruptcy court approval on February 18, 2014, to buy the assets of Fisker Automotive, a manufacturer of plug-in hybrid sports cars that was declared bankrupt in November 2013. Wanxiang's American subsidiary won a three-day auction with a bid of US$149.2 million. Bidding had started at US$55 million. The company said in court papers it could restart production in the coming months, estimating that it would sell more than 1,000 Fisker Karma cars in the first 18 months in the US and 500 in Europe. The automotive company was renamed to Karma Automotive, and their car was renamed Revero.
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Wikipedia