The sale of bankrupt electric-car battery maker A123 to Chinese firm Wanxiang America has been approved by the necessary interagency panel.
The House Armed Services Committee said it is closely monitoring the pending sale of bankrupt battery-maker A123 Systems to a Chinese firm due to national security concerns.
China’s purchase of a United States high-technology battery maker will boost Beijing’s military forces and satellites and threaten the security of U.S. electrical power and communications grids, according former national security officials.
The bankrupt electric car battery maker A123 Systems Inc. is looking to hire a lobbying firm to protect the company’s sale to China’s Wanxiang Group, according to Dow Jones.
Republicans and outside business groups are calling on the Treasury Department to reject the sale of bankrupt battery-maker and stimulus recipient A123 Systems, Inc. to a Chinese firm, arguing the move could put American national security at risk.