WATERTOWN, Mass. (AP) -- A123 Systems said Tuesday it was picked to develop a battery pack for a new 2012 model electric passenger vehicle from Shanghai Automotive Industry Corp.
The maker of lithium ion batteries said it formed a joint venture with SAIC Motor Co. Ltd. to produce the battery packs.
A123 said it supplies battery technology to SAIC for several of the Chinese auto maker's other electric drive-train vehicles under development. A123's customers also include BAE, Eaton, Fisker Automotive and Navistar.
Shares of AONE rose 3 cents to end regular trading at $9.94 before the battery announcement.
They fell 99 cents, or 10 percent, to $8.95 in extended trading after the company reported a wider-than-expected third-quarter loss and said some sales from electric-car projects would be delayed by several months.
The maker of lithium ion batteries said it formed a joint venture with SAIC Motor Co. Ltd. to produce the battery packs.
A123 said it supplies battery technology to SAIC for several of the Chinese auto maker's other electric drive-train vehicles under development. A123's customers also include BAE, Eaton, Fisker Automotive and Navistar.
Shares of AONE rose 3 cents to end regular trading at $9.94 before the battery announcement.
They fell 99 cents, or 10 percent, to $8.95 in extended trading after the company reported a wider-than-expected third-quarter loss and said some sales from electric-car projects would be delayed by several months.
