The replacement program will cost A123 an estimated $55 million, a cost the company can barely afford given the recent cancellation of its supply deal with Fisker Automotive and the company’s poor performance last quarter. A123 recently announced a deal to supply battery cells to China’s Geely Automotive to be used in Geely’s plug-in hybrid electric vehicles slated for launch in 2014.
Shares of A123 are down nearly -11% this morning, at $1.52 after posting a new 52-week low of $1.48 earlier. The 52-week high is $7.87.
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