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Wanxiang

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Wanxiang Group Corporation
IndustryAutomotive
Founded1969(1969)
FounderLu Guanqiu
Headquarters
Hangzhou,Zhejiang
,
China
Area served
Worldwide
Key people
Mr. Weiding Lu (Chief Executive Officer)
Pin Ni (President)
?(Chairman)
ProductsAutomotive components
Revenue112.1 BillionRenminbi
Subsidiaries
List
Websitehttp://www.wanxiang.com.cn/en/

Wanxiang Group Corporation(Chinese:Vạn hướng tập đoàn) is a Chinesemultinationalconglomerate,headquartered inHangzhou,Zhejiangprovince, China. Its automotive components subsidiary (Wangxiang Qiaochao) is the largest China-based automotive components company measured by revenues.[1]The company was founded in 1969 byLu Guanqiu.

Subsidiaries

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Wangxiang Qianchao Co., Ltd.

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Wangxiang Qiaochao Co., Ltd. is a public company listed onShenzhen Stock Exchange(Symbol 000559).

A123 Systems, LLC

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On October 16, 2012,A123 Systemshad filed for bankruptcy protection underChapter 11, Title 11, United States Code.Wanxiang won an auction for the bankrupt United States-basedlithium-ion batterymaker in December 2012[2]for a closing price of US$256.6 million.[3] A123 Systems had more than 3000 employees as of that date.[3]

TheCommittee on Foreign Investment in the United States(CFIUS) granted its approval,[2][4]and on January 28, 2013, Wanxiang Group's Chicago-based subsidiary,Wanxiang America,[3]purchased the preponderance of A123's assets out of bankruptcy forUS$256.6 millionand organized a new company, similarly named A123Systems, LLC.[2]

Karma Automotive

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Main article:Karma Automotive

Wanxiang received U.S. bankruptcy court approval on February 18, 2014, to buy the assets ofFisker 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 ofUS$149.2 million. Bidding had started atUS$55 million. The company said in court papers that it could restart production in the coming months, estimating that it would sell more than 1,000Fisker Karmacars in the first 18 months in the U.S. and 500 in Europe.[5]The automotive company was renamed toKarma Automotive,and their car was renamedRevero.

SAIC Wanxiang New Energy Coach Co., Ltd.

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SAIC Motor Corporationand 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.[6]

See also

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Wikimedia Commons has media related toWanxiang Group.

References

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  1. ^"Chinese Firm Purchases U.S. Maker of Batteries".The New York Times.30 January 2013.Retrieved31 January2013.
  2. ^abc Vlasic, Bill (14 May 2013)."Chinese Creating New Auto Niche Within Detroit".New York Times.pp. 5/13/13 N.Y. Times A1.Retrieved14 May2013.
  3. ^abc "China's Wanxiang wins auction for A123".CNN Money. 10 December 2012.Retrieved31 January2013.
  4. ^"China's Wanxiang wins approval to buy US battery maker".BBC News. 30 January 2013.Retrieved31 January2013.
  5. ^Hals, Tom (18 February 2014)."Court clears sale of hybrid car maker Fisker to China's Wanxiang".Reuters.Retrieved19 February2014.
  6. ^ "SAIC helps its battery supplier Wanxiang Group to build whole vehicles".autonews.gasgoo.com. 29 July 2015.Retrieved13 November2022.
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