A123 Shares Drop, Fisker Cuts Battery Orders

Nov. 04, 2011 01:49PM PST

Reuters Africa reported that A123 Systems (NASDAQ:AONE) reduced its full-year revenue outlook by 20 percent after Fisker Automotive trimmed fourth-quarter orders for battery packs.

As quoted in the market news:

In a statement, A123 Chief Executive David Vieau described Fisker’s decision as “unexpected.” A123′s shares tumbled as much as 13 percent in early trading.
“We are adjusting our 2011 revenue expectations due to an unexpected reduction in orders for battery packs from Fisker Automotive for the fourth quarter as it balances inventory levels from all suppliers,” Vieau said.

Click here to read the full Reuters Africa report

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