Chinese auto parts maker Wanxiang Group is the winning bidder of the bankruptcy auction for some of the assets of A123 Systems Inc., a battery maker and alternative-energy company that had received funding from the U.S. government.

Wanxiang agreed to pay $256 million for A123's automotive and commercial operations, including its three factories in the U.S. Assets include all of A123's technology, products, customers, and factories in Michigan, Massachusetts and Missouri, which are expected to continue operating. Wanxiang would also take over A123’s operations in China, including its interest in a joint battery venture with the country’s biggest carmaker Shanghai Automotive.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.