Lithium-ion battery maker A123 Systems Inc. (NASDAQ: AONE) posted a new 52-week low of $0.96/share earlier today. The battery maker was hit last week with an estimated $55 million recall of modules and battery packs installed in luxury electric vehicles manufactured by Fisker Automotive.
A123 invested $13 million in Fisker in January 2010, but did not participate in Fisker’s current venture round in which the auto maker has so far garnered $392 million of a proposed total of $500 million in new financing. Fisker has received more than $500 million in federal loans to restart its assembly line in Delaware.
The combination of A123’s shaky financial position and investors getting reminded of the near-death experience of Fisker itself is more than the stock could withstand today. Shares are trading down -8.9% at $1.01 in a 52-week range of $0.96-$6.39. More than 8.2 million shares have traded hands today.