Wanxiang Group Corporation () is a Chinese multinational

conglomerate Conglomerate or conglomeration may refer to: * Conglomerate (company) * Conglomerate (geology) * Conglomerate (mathematics) In popular culture: * The Conglomerate (American group), a production crew and musical group founded by Busta Rhymes ** ...

, headquartered in

Hangzhou Hangzhou ( or , ; , , Standard Chinese, Standard Mandarin pronunciation: ), also Chinese postal romanization, romanized as Hangchow, is the capital and most populous city of Zhejiang, China. It is located in the northwestern part of the prov ...

Zhejiang Zhejiang ( or , ; , also romanized as Chekiang) is an eastern, coastal province of the People's Republic of China. Its capital and largest city is Hangzhou, and other notable cities include Ningbo and Wenzhou. Zhejiang is bordered by Ji ...

province, China. Its automotive components subsidiary (Wangxiang Qiaochao) is the largest China-based automotive components company measured by revenues. The company was founded in 1969 by Lu Guanqiu.

Subsidiaries

Wangxiang Qianchao Co., Ltd.

Wangxiang Qiaochao Co., Ltd. is a public company listed on

Shenzhen Stock Exchange The Shenzhen Stock Exchange (SZSE; ) is a stock exchange based in the city of Shenzhen, in the People's Republic of China. It is one of three stock exchanges operating independently in Mainland China, the others being the Beijing Stock Exch ...

(Symbol 000559).

A123 Systems, LLC

On October 16, 2012, A123 Systems had filed for bankruptcy protection under

Chapter 11, Title 11, United States Code Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, wheth ...

. Wanxiang won an auction for the bankrupt United States-based

lithium-ion battery A lithium-ion or Li-ion battery is a type of rechargeable battery which uses the reversible reduction of lithium ions to store energy. It is the predominant battery type used in portable consumer electronics and electric vehicles. It also s ...

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 The Committee on Foreign Investment in the United States (CFIUS, commonly pronounced "Cifius" ) is an inter-agency committee of the United States government that reviews the national security implications of foreign investments in U.S. companie ...

(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 and organized a new company, similarly named A123Systems, LLC.

Karma Automotive

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 which was declared bankrupt in November 2013. Wanxiang's American subsidiary won a three-day auction with a bid of 149.2 million. Bidding had started at 55 million. The company said in court papers that 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 U.S. and 500 in Europe. The automotive company was renamed to Karma Automotive, and their car was renamed Revero.

SAIC Wanxiang New Energy Coach Co., Ltd.

SAIC Motor Corporation and Wanxiang Group have set up a 49%-51% joint venture, known as SAIC Wanxiang New Energy Coach Co., Ltd. and acquired the license to manufacture vehicles in July 2015. The joint-venture plans to produce its first new alternative fueled coach after granted with license plates by Chinese authorities after a few years of operation.

References

External links

* Auto parts suppliers of China Auto parts suppliers of the United States Electric vehicle manufacturers of China Multinational companies headquartered in China Manufacturing companies based in Hangzhou Chinese companies established in 1969 Automotive companies established in 1969 Chinese brands Publicly traded companies of China {{China-company-stub