A123, the battery-making company that was meant to become the major supplier for battery-powered vehicles in the US, filed for bankruptcy today, claiming nearly $1 billion in losses over the last few years despite a $240+ million federal grant in 2010. The filing comes as consumer demand for electric vehicles has fallen far short of expectations. Republicans are bound to jump on the failure as another sign of the Obama administration's waste of taxpayer money, though it is important to note that A123 was also a guest of the Bush administration when they were throwing out their energy plans. Read more here...
http://autos.yahoo.com/blogs/motoramic/battery-builder-a123-won-249-million-federal-grant-143806554.html
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