 | |
 Headquarters of Wanxiang Group | |
| Industry | Automotive |
|---|---|
| Founded | 1969; 56 years ago (1969) |
| Founder | Lu Guanqiu |
| Headquarters | , China |
Area served | Worldwide |
Key people | Mr. Weiding Lu (Chief Executive Officer) Pin Ni (President) ? (Chairman) |
| Products | Automotive components |
| Revenue | 112.1 BillionRenminbi |
| Subsidiaries | List
|
| Website | www |
Wanxiang Group Corporation (Chinese:万向集团) is a Chinesemultinationalconglomerate, headquartered inHangzhou,Zhejiang province, 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.
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The company was formerly known as the Ningwei Commune Agricultural Machinery Repair Factory in Xiaoshan County, Zhejiang Province, which was taken over byLu Guanqiu and mainly produceduniversal joints.
In 1990, it became a separately planned group in Zhejiang Province. In 1997, it became one of the 120 pilot enterprise groups of the State Council. In 1999, it was listed as one of the 520 key enterprises in the country and won the first China Industrial Award.
On December 10, 2012, Wanxiang America Corp. successfully acquired the assets of bankrupt U.S. battery manufacturerA123 Systems for nearly $260 million. On February 16, 2014, Wanxiang America Corp. successfully acquired the bankrupt assets of Fisker Automotive, a plug-in hybrid sports car manufacturer in the United States, for approximately US$149.2 million, including US$126.2 million in cash and US$8 million in assumed debt.
Wangxiang Qiaochao Co., Ltd. is a public company listed onShenzhen Stock Exchange (Symbol 000559).
On October 16, 2012,A123 Systems had filed for bankruptcy protection underChapter 11, Title 11, United States Code. Wanxiang won an auction for the bankrupt United States-basedlithium-ion battery maker 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 million and organized a new company, similarly named A123Systems, LLC.[2]
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 Karma cars 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 Motor Corporation and 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]
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