China’s biggest car parts producer received US government approval to acquire American electric car battery maker A123 Systems, Reuters reported. The purchase by Wanxiang America, the US unit of Wanxiang Group, of the lithium-ion battery producer received approval from the US committee on foreign investment on Monday, the Chinese company said. Both sides later confirmed the deal’s completion. Wanxiang America agreed last month to pay US$257 million for A123’s car battery business and assets in an insolvency auction. The approval comes after some lawmakers voiced concerns that the sale could endanger US energy security and asked the committee to reject the application.
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