A123 Systems says China's Wanxiang to invest up to $450 million

Wed Aug 8, 2012 7:22am EDT

(Reuters) - Lithium-ion battery maker A123 Systems Inc AONE.O reported a bigger quarterly loss and said Wanxiang Group Corp, a Chinese maker of auto parts, will invest up to $450 million in the company.

A123 had warned last month that it had cash to fund its operations for only the next four to five months.

The company reported a second-quarter net loss of $82.9 million, or 56 cents per share, from $55.4 million, or 44 cents per share, a year ago.

Revenue fell 53 percent to $17 million.

(Reporting by A. Ananthalakshmi in Bangalore; Editing by Roshni Menon)