US battery maker’s rescue by China

New York: US battery maker A123 Systems, which got a quarter-billion dollar green technology grant from the Obama administration, said on Wednesday that a Chinese auto parts maker is looking to take a controlling stake in the faltering company. China’s Wanxiang Group Corp plans to invest up to $450 million, A123 said, and give the manufacturer the cash injection it needs to keep making batteries for electric and hybrid cars.