2015 Asia-Pacific Gold Winner - Wanxiang America
Company: Wanxiang America, Elgin, IL United States
Category: Company of the Year - Automotive & Transport Equipment
Entry Title: Wanxiang America
Wanxiang America Corporation, based in Chicago, established in 1994, is the U.S. home office of Wanxiang Group Corporation, China. U.S. companies and customers can deal in U.S. dollar currency and U.S. contracts when working with China. Involved in automotive and industrial markets in the U.S., Wanxiang America is the source for all of Wanxiang Group/China's products in the USA. Also here is the Wanxiang America-China Bridge Program, helping American companies get an inside track when trading with China.
Wanxiang is a family owned, global player in the automotive and technology industries with significant investment in the U.S. It employs over 12,500 people with over half located in 14 U.S. states. Wanxiang has a long, successful track record of investing in, running and expanding U.S. operations. By 2010, one out of three vehicles made in America uses parts made by Wanxiang U.S. operations. Wanxiang America Corporation’s combined revenue of 2014 is $3.5 billion.
Wanxiang has narrowed its focus to manufacturing, real estate, and green technology. Wanxiang America has been investing more than $1 billion/year for the last three years in real estate business. Wanxiang has never sent a single job or a single penny back to China. What is made in the US stays there.
Wanxiang Group will successfully tap into the electric vehicle (EV) arena. Lu Guanqiu, chairman and founder of Wanxiang, said he plans to build EVs in the U.S., and later in China. China is the world’s largest auto market.
In 2012, Wanxiang invested in the Indiana-based EnerDel, specializing in advanced Electric Vehicle battery production.
In 2013, Wanxiang acquired bankrupted A123 systems, applying the most advanced Li-ion battery technology to electric vehicle, grid energy storage and commercial business.
Wanxiang states that it remains fully committed to growing its A123 battery business for automotive applications, particularly micro-hybrids. A123's battery factory in Hangzhou, China, is running at full capacity to supply batteries for electric-powered buses and cars.
Wanxiang purchased technology from Leyden Energy Inc. including 20+ patents and some employees. The acquisition of Leyden’s technology complements the lithium iron phosphate (LFP) materials portfolio that A123 commercialized nearly a decade ago under the Nanophosphate® trade name. Recently, the A123 research and development organization has also extended the high power capability of its LFP-based materials under the UltraPhosphate™ trade name. Taken together, these developments and the acquisition of Leyden’s intellectual property demonstrate A123’s strong commitment to meeting and exceeding the technical requirements of micro-hybrid applications around the world.
Wanxiang and NEC Formed a Joint Venture for Grid Energy Storage in China. Its formation is an important element of the recently announced NEC acquisition of A123 Energy Solutions, a global leader in grid-scale energy storage systems for applications ranging from grid stabilization services to the grid integration of renewable power sources such as wind or solar
In 2014, Wanxiang acquired bankrupted Fisker Automotive Inc., an automotive technology company that develops advanced PHEV powertrain systems and launched the world’s first premium plugin hybrid electric vehicle. The purchase included numerous electric and solar vehicle patents and patent applications, and it was reported that this gave Wanxiang a “jump start” in constructing a U.S. patent portfolio relevant to those technologies.
Wanxiang is changing the name to "Elux Karma" for a 2016 relaunch, after finishing some 250 improvements to the original design, with an upgraded powertrain and revised styling,
Wanxiang wants Fisker to complete the development of a second model, the Atlantic, a mid-size gasoline-electric hybrid sedan meant to be a more affordable "volume model" under Fisker's previous management.
Quantum Technologies will again provide the computer software for the Karma’s hybrid drivetrain in a deal worth over $5 million.
In a short time, Wanxiang has positioned itself as a powerful new player in the global EV and green technology market.