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A123 Systems posts $125 million net loss
Filed under: EV/Plug-in, HybridThe Detroit News reports lithium-ion battery manufacturer A123 Systems is set to post a net loss of $125 million on revenue of $10.9 million for the first quarter of 2012. Official results will be released later this week. The loss includes $51.6 million tied to replacing battery packs produced at the company's Lavonia, Michigan facility. Some of those packs could have been manufactured with defective cells. The figure also includes $15.2 million to increase inventory reserves.

As you may recall, A123 Systems provides battery packs for companies like Fisker. The extended-range EV manufacturer recently reported issues with the supplier's products, but A123 says it has determined the cause of the defective cells and is working to make sure the failures don't reoccur.

The report also suggests A123 Systems will lower its revenue forecast for the year to $145 million to $175 million. The company originally projected it would generate between $230 million and $300 million.

A123 Systems posts $125 million net loss originally appeared on AutoblogGreen on Mon, 14 May 2012 18:00:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments

Tags: a123, a123 systems, a123 systems profits, electric vehicle, fisker, lithium ion, plug-in hybrid

A123 Systems posts $125 million net loss was originally published by Autoblog Green. Read the full story by clicking here.

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