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GM picks A123 Systems for battery pack contract

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GM picks A123 Systems for battery pack contract Empty GM picks A123 Systems for battery pack contract

Post  Admin Fri Aug 12, 2011 8:26 am

General Motors Co. said Thursday that battery maker A123 Systems Inc. will produce batteries to be used in future electric vehicles being sold in select global markets.

The Detroit-based automaker said the battery packs will be built at A123 Systems' Livonia facility.

The announcement didn't specify the vehicles.

A123 Systems recently hired its 1,000th employee in Michigan, and the company says the new contract will play a role in making sure those employees have work. A123 Systems currently employs 775 people in Livonia, and expects that number to increase.

The agreement builds on existing contracts between GM and A123 focused on next-generation lithium ion battery technology.

Shares of A123 Systems, based in Watertown, Mass., jumped $1.09, or 34.4 percent, to $4.26 in afternoon trading. The stock has traded between $2.99 and $10.99 over the last 52 weeks.

General Motors shares rose 95 cents, or 4 percent, to $24.87.

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