A123's Sale to Wanxiang: It's Not About China
Tubb & Scissors, Foundry
China's largest auto-parts maker just won the bidding for A123 Systems, the bankrupted electric car battery company. It's time to back the car up and remember where the American taxpayer started with A123. A123 received a $249 million grant as part of the 2009 stimulus. By the time it went bankrupt in October 2012, the company had spent $133 million of the federal grant, along with $141 million in Michigan grants and tax credits. The business was a quick and clear failure. But now that Wanxiang America has won a $256.6 million bid for the failed company, some lawmakers suddenly...http://blog.heritage.org/2012/12/12/a123-its-not-chinas-government-thats-the-problem/
China's largest auto-parts maker just won the bidding for A123 Systems, the bankrupted electric car battery company. It's time to back the car up and remember where the American taxpayer started with A123. A123 received a $249 million grant as part of the 2009 stimulus. By the time it went bankrupt in October 2012, the company had spent $133 million of the federal grant, along with $141 million in Michigan grants and tax credits. The business was a quick and clear failure. But now that Wanxiang America has won a $256.6 million bid for the failed company, some lawmakers suddenly...http://blog.heritage.org/2012/12/12/a123-its-not-chinas-government-thats-the-problem/
No comments:
Post a Comment