China buys bankrupt, stimulus-funded battery company A123. Uh oh. Rather have company that can’t make money than more Treasury Bonds. #tcot
— Fred Thompson (@fredthompson) December 13, 2012
Read the report below:
Wanxiang America, the U.S. arm of a Chinese automotive parts giant, won the bidding for a bankrupt Massachusetts-based lithium battery manufacturer that was once hailed as a cornerstone of President Obama’s quest for American dominance in electric vehicles and battery technology.
A123 Systems announced Sunday that Wanxiang would pay $256.6 million for all of A123’s technology, its manufacturing facilities in the United States and China, and its contracts with utilities seeking grid storage and automakers seeking batteries for electric and hybrid vehicles.
Also check out this article from Hot Air:
Let me get my obligatory free-trade qualifier out of the way here first: It’s not so much that there’s anything at all wrong with businesses buying and selling on the international arena, because foreign markets may have demands for products we don’t, and we all stand to make money off of one another in a mutually beneficial and productive way. Free-trade is not a zero-sum game, and everybody wins.
The problem here is that in the case of A123 Systems, a manufacturer of lithium-ion batteries for electric cards, the Obama administration spoon-fed hundreds of millions of dollars of taxpayer money into what they assured us was a guaranteed-successful endeavor at ushering in the glorious green-energy revolution and leading us down the path of ostensibly necessary energy independence. Not only has President Obama’s “investment” failed to inspire a dearth of American-made electric car-buying (which has also been very generously subsidized, courtesy of the taxpayer), but it’s brought us no closer to the energy self-sufficiency at which President Obama constantly suggests he’d like us to arrive.