A123 Shares Soar After GM Reveals All-Electric Car

Bloomberg reported that shares of A123 Systems (NASDAQ:AONE) surged after General Motors (NYSE:GM) said that the company would be supplying the power for the automaker’s first all-electric car.

As quoted in the market news:

In August, GM announced that it awarded A123 Systems a production contract to produce batteries for future vehicles. A123 Systems spokesman Dan Borgasano points out that the Spark EV will be the first GM car to go to market with the company’s battery.

Besides General Motors, A123 Systems also has production contracts with German automaker BMW and with Chinese automaker SAIC Motor Corp. The company also provides the battery for the Fisker Karma, a luxury plug-in electric hybrid vehicle, Borgasano said.

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