Wanxiang Group Corporation () is a Chinese multinational conglomerate, headquartered in

Hangzhou Hangzhou, , Standard Mandarin pronunciation: ; formerly romanized as Hangchow is a sub-provincial city in East China and the capital of Zhejiang province. With a population of 13 million, the municipality comprises ten districts, two counti ...

Zhejiang ) , translit_lang1_type2 = , translit_lang1_info2 = ( Hangzhounese) ( Ningbonese) (Wenzhounese) , image_skyline = 玉甑峰全貌 - panoramio.jpg , image_caption = View of the Yandang Mountains , image_map = Zhejiang i ...

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. Wanxiang T01 001

History

The company was formerly known as the Ningwei Commune Agricultural Machinery Repair Factory in Xiaoshan County, Zhejiang Province, which was taken over by Lu Guanqiu and mainly produced universal joints. In 1990, it became a separately planned group in Zhejiang Province. In 1997, it became one of the 120 pilot enterprise groups of the State Council. In 1999, it was listed as one of the 520 key enterprises in the country and won the first China Industrial Award. On December 10, 2012, Wanxiang America Corp. successfully acquired the assets of bankrupt U.S. battery manufacturer A123 Systems for nearly $260 million. On February 16, 2014, Wanxiang America Corp. successfully acquired the bankrupt assets of Fisker Automotive, a plug-in hybrid sports car manufacturer in the United States, for approximately US$149.2 million, including US$126.2 million in cash and US$8 million in assumed debt.

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 Excha ...

(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, w ...

. 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 that uses the reversible intercalation of Li+ ions into electronically conducting solids to store energy. Li-ion batteries are characterized by higher specific energy, energ ...

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, ) is an inter-agency committee in the United States government that reviews the national security implications of foreign investments in the U.S. economy. CFIUS, led by the U.S ...

(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 The Fisker Karma is a luxury vehicle, luxury plug-in Range extender (vehicle), range-extended electric sports sedan produced by Fisker Automotive between 2011 and 2012. The cars were manufactured at Valmet Automotive in Finland. The United St ...

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