A123 Systems (AONE) announced last night an additional lithium battery supply deal with Navistar for the Navistar-Modec EV joint venture. It adds to the original lithium battery supply agreement announced in March.
A123 Systems will be manufacturing batteries for Navistar’s eStar electric vehicle which is a commercial use vehicle designed for frequent stops. A number of them have already been shipped to Fed Ex. No word on the financials of either deal, but it is … Read the rest
A couple analyst notes out after the A123 Systems (AONE) earnings last night.
Janney Montgomery Scott maintains a Neutral rating, but lowers price target from $14 to $12. “AONE reported 1Q10 results that were in-line on the top line, while falling slightly short of consensus on the EPS line. We were surprised by the quarter-over-quarter drop in total shipments and are adjusting our shipment forecasts for slightly slower growth. On the positive side, the Company … Read the rest
A123 Systems (AONE) is giving back today’s gains and then some after reporting a wider loss than expected after the bell. While revenues were in line at $24.5 million, the company reported a loss of .28/share which was .06/share greater than expectations. That’s also a wider loss than the year ago quarter (.18/share loss) with revenues just 5% higher. A disappointing quarter from AONE for sure, but it’s all about the future.
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Lazard Capital noted that on Friday, the DOE’s big $528 million loan to Fisker Automotive for the development of its Karma and Nina electric vehicles closed. As the only battery supplier to Fisker, it represents a big opportunity for A123. Lazard maintains a Buy rating on the stock. On April 12th, Lazard confirmed that Chrysler will use A123 lithium batteries in its Fiat 500 line of electric cars which Lazard believes could be a … Read the rest
Deutsche Bank is out with an upgrade of the most well known lithium battery maker here in the US. A123 Systems (AONE) gets an upgrade from Hold to Buy and a $17 price target. Hat tip to Street Insider for the following analyst comment:
“We believe that A123 Systems’ proprietary battery materials have broad applicability in a number of growing segments (including automotive, grid services, and consumer products), that the company’s recent steady cadence of … Read the rest
A123 Systems (AONE) is getting a bit of a pop this morning after Lazard Capital said that Chrysler has confirmed it will use A123 Systems lithium batteries for its Fiat 500 electric cars which are expected to hit the US market in 2012. Lazard believes this could potentially be a $100 million dollar deal. That seems a bit far fetched to me, but traders like it this morning sending the stock up about 4% in … Read the rest
A123 Systems (AONE) is announcing some good news along with its earnings report today. They are going to be developing lithium ion battery systems for a joint venture project between Navistar (NAV) and Modec to develop commercial electric vehicles. The batteries for the Navistar EV will be manufactured in Michigan with the vehicles being assembled in Indiana for a launch sometime this year.
These commercial EV’s will be designed for frequent stops, have a … Read the rest
A123 Systems (AONE) reported mixed results after the bell today. While the company reported an EPS loss of .22/share which was slightly worse than Wall St expectations for a .20/share loss, they did beat on the revenue side posting $24.5 million (vs the estimate of $20.80 million. Those number are about inline with what the company has been posting over the past year, so the earnings results don’t say much. As with all development stage … Read the rest
Now we know why EnerDel and Fisker broke off discussions about working together. Fisker wanted to work with A123 Systems (AONE). This morning the companies announced a multi year deal in which A123 will supply the lithium batteries for the Fisker Karma to be launched later this year. The relationship won’t end there. A123 will also invest as much as $23 million in Fisker and collaborate on the Fisker Nina, which is the all … Read the rest
A123 Systems (AONE) is popping this morning on news it will expand its presence in the China market in a joint venture with SAIC Motor, a leading auto manufacturer in China. The two companies will co-develop complete lithium battery systems for hybrid and electric cars. The joint venture, called Shanghai Advanced Traction Battery Systems, will use the batteries in all SAIC manufactured cars and trucks and look to sell the battery to other manufacturers … Read the rest