WALTHAM, Mass. — Shares of A123 Systems tumbled by double digits to an all-time low Monday after the maker of batteries for electric cars estimated that it would spend about $55 million to replace battery modules and packs that might be defective.
Because of the problem, customers' battery equipment could fail early. But the defective equipment does not pose a safety threat, A123 said. Five auto customers received parts that could have had defective cells, CEO David Vieau said Monday.
A123 Systems, based in Waltham, Mass., expects to start shipping replacement packs and modules to affected customers this week. It will pay to replace the equipment over the next several quarters. The company would not identify which customers are affected. But A123's biggest customer, Fisker Automotive, said it would replace the battery packs for its customers.
A123 said the affected equipment was limited to products made in its factory in Livonia.
Business
Battery maker to remedy possible defect
-
-
EU, U.S. agree to start free trade talks
The European Union and the United States will open negotiations next month on a long-sought deal to create free trade between the world’s two mightiest economic regions — an effort that could create millions of jobs but that could also take years to transform from dream to reality.
Continued ... -
Food companies work to make products look natural
Here’s the latest goal for food makers: Perfect the art of imperfection.
Continued ... -
Car show will offer tour of grave sites
Back to the Bricks has been focusing on immortalizing some of the big names of the auto industry in bronze, but this year they’re looking to take car lovers to the final resting places of some of those people.
Continued ... -
Wineries find efficiencies
A dwindling labor pool and challenging packaging costs are prompting several northern Michigan winemakers to utilize innovative technologies in their vineyards.
Continued ... -
Doug Luciani: Our youth can come home now
Riding on a school bus doesn’t exactly conjure up fond memories of days gone by. But this ride was different.
Continued ... -
Business in Brief: 06/16/2013
Health care reform; Biz after hours; NCMC program.
Continued ... -
Jason Tank: Economics a dizzying display of acronyms
In one corner, the Federal Reserve is busy stacking up dollar bills on top of each other. In the other, the beleaguered American economy is putting up one mediocre data point after another.
Continued ... -
Business Memoranda: 06/16/2013
Traverse City-based EverywhereUGo has expanded, with board locations in the Van Andel Arena in Grand Rapids and the Great American Ball Park (home of the Cincinnati Reds) in Cincinnati, Ohio.
Continued ... - Saturday, June 15, 2013
-
Ag Forum: Tent caterpillars aren't hanging around
Generally speaking, people don’t become inquisitive about a lack of caterpillars attacking their trees, so I’m not surprised that no one has asked me where the tent caterpillars are this year.
Continued ... -
Futures File: Corn grinds lower despite poor conditions
America’s farmers likely planted a record corn crop despite poor weather conditions earlier this spring that delayed planting across much of the Midwest, according to USDA estimates.
Continued ... -
Rural U.S. losing population
Rural America is losing population for the first time ever, largely because of waning interest among baby boomers in moving to far-flung locations for retirement and recreation, according to new census estimates.
Continued ... - Friday, June 14, 2013
-
Horizon Books co-owner wins Lyle DeYoung award
Amy Reynolds always believed in downtown Traverse City’s retail corridor, even when the trend was for business owners to race off and set up shop at the nearest mall.
Continued ... -
Building Permits: 06/14/2013
Building permits issued in Grand Traverse County:
Continued ... -
The Record: 06/14/2013
Assumed names filed in Grand Traverse County:
Continued ... -
Grocers allege potato price fixing
A battle between grocers and potato growers has been silently hitting shoppers’ pocketbooks, according to a U.S. wholesaler accusing America’s spud farmers of driving up prices while spying on farmers with satellites and aircraft fly-overs to enforce strict limits on how many tubers they can grow.
Continued ... - Thursday, June 13, 2013
-
National magazine recognizes TC for boating opportunities
Robert Brown sees only one drawback to being a boating enthusiast in Traverse City. Winter.
Continued ... -
Post to invest $30M in Battle Creek plant
Cereal maker Post Foods says it plans to invest $30 million in a West Michigan facility, creating 92 jobs.
Continued ... -
Wet spring means reduced corn crop estimate
Corn farmers are feeling the impact of a cool, wet spring but are still expected to bring in a record crop this year.
Continued ... -
AAA study: Voice-operated dashboard tech still risky
Dashboard technology that lets drivers text and email with voice commands — marketed as a safer alternative — actually is more distracting than simply talking on a cellphone, a new AAA study found.
Continued ... - Wednesday, June 12, 2013
-
Rotary gives $241K in grants
A $65,000 grant awarded to Centre Ice for much-needed facilities’ upgrades is among $241,000 doled out this week by Rotary Charities of Traverse City.
Continued ... -
Farm Bill debate moves to contentious House
The last time Congress passed a farm bill, Democrats had control of the House and the food stamp program was about half the size it is today.
Continued ... - Tuesday, June 11, 2013
-
Mancelona upgrades water lines
Mancelona is upgrading its water lines this summer in a project described as a painful but necessary step to position the community for long-term job growth.
Continued ... -
Apple revamps software look
Apple is throwing out most of the real-world graphical cues from its iPhone and iPad software, like the casino-green “felt” of its Game Center app, in what it calls the biggest update since the iPhone’s launch in 2007.
Continued ... -
Exide files for Chapter 11 bankruptcy protection
Battery maker Exide Technologies is seeking Chapter 11 bankruptcy protection as it attempts to restructure its U.S. business and strengthen its balance sheet.
Continued ... -
U.S. probes Honda minivans for air bag trouble
U.S. safety regulators have added about 320,000 older model Honda Odyssey minivans to a widening probe of faulty air bags that affects at least three automakers and more than 2 million vehicles.
Continued ...
-
Hoffa Mystery Still Fascinates After 4 Decades
Raw: 1 Dead in Shooting at Mo. Apartment Complex
Raw: Huge Fire Near Yosemite National Park
Raw: Obama Arrives in Berlin
3 Charged in Ohio With Enslaving Mom, Daughter
Obama Seeks G-8 Support on Syria
Raw: Volcano Erupts Near Mexico City
Kid Couture: Spending Big Bucks on Babies
Suicide Bombs Target Baghdad Mosque, Killing 29
Military Plans to Put Women in Combat Jobs
Solar Power Chargers in NYC Parks
Civil Rights Groups Sue NYPD Over Muslim Spying
Raw: First Lady, Daughters Enjoy Irish Sights
RAW: NSA Director Says 50 Plots Foiled
Boeing, Airbus Battle for Sales Supremacy
