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(Reuters) - General Motors Co said on Thursday that it awarded A123 Systems Inc a contract to build battery packs for future electric vehicles, sending A123 shares up more than 40 percent.
A123 previously disclosed that it had a production contract with a major North American automaker. Thursday's announcement identifies the automaker as GM for the first time.
GM did not detail the specific brands or vehicles. The companies did not disclose the value of the deal.
A123 expects to build thousands or up to tens of thousands of battery packs a year for GM, A123 Systems spokesman Dan Borgasano said. The packs will be assembled at A123's plant in Livonia, Michigan.
Gee, I wish I had invested in that company instead of Chinese solar panel company that has seen its stock price drop by 80% despite rapid growth in solar power installation. Oh well. Some people have a golden touch with investing, not me.
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On a related note, I recently (and finally) watched the documentary "Who Killed the Electric Car." It seems despite heavy demand for the EV1, the movie strongly suggests the manufacturer (some company called, er, General Motors) and other fossil fuel based stakeholders managed to take it off the road.
Given that GM is under new management and a renewed lease on life, here's hoping that they are serious this time.