On October 16, 2012, A123 Systems had filed for bankruptcy protection under Chapter 11, Title 11, United States Code.

Wanxiang won an auction for the bankrupt United States-based lithium-ion battery maker in December 2012[2] for a closing price of US$256.6 million.

[3] The Committee 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 for US$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 of Fisker Automotive, a manufacturer of plug-in hybrid sports cars which was declared bankrupt in November 2013.

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.