Wanxiang
Wanxiang is a Chinese multinational conglomerate founded in 1969 that developed from an agricultural-machinery repair workshop into a major automotive-components and alternative-energy group.
Last updated October 12, 2026
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Overview
Wanxiang Group Corporation is a Chinese multinational conglomerate headquartered in Hangzhou, Zhejiang province. Its principal industrial identity is rooted in automotive components, although the group has also developed interests in batteries, electric mobility, vehicle manufacturing, and overseas technology and brand assets. The company’s automotive-components subsidiary, Wangxiang Qiaochao, is described in the supplied reference material as the largest China-based automotive-components company by revenue. The business began in 1969 in Xiaoshan County, Zhejiang Province, as the Ningwei Commune Agricultural Machinery Repair Factory. Under the leadership of founder Lu Guanqiu, the enterprise concentrated on manufacturing universal joints and gradually expanded beyond its original repair-workshop function. This early specialization gave Wanxiang a foundation in drivetrain and mechanical components, while its later growth reflected the broader development of China’s automotive-manufacturing supply chain. Wanxiang’s institutional status increased during the 1990s. In 1990 it became a separately planned group in Zhejiang Province. In 1997 it was designated one of the 120 pilot enterprise groups of China’s State Council, and in 1999 it was included among the country’s 520 key enterprises. The company also received China’s first China Industrial Award in 1999, according to the supplied reference material. These milestones marked its transition from a regional manufacturing enterprise into a nationally significant industrial group. The group’s business scope later extended into international acquisitions and new-energy technology. Through its Chicago-based subsidiary Wanxiang America, it acquired the principal assets of bankrupt U.S. lithium-ion battery manufacturer A123 Systems in 2012–2013. The transaction brought battery technology and manufacturing assets into the group’s portfolio and strengthened its presence in the emerging electric-vehicle supply chain. Wanxiang America subsequently acquired the bankrupt assets of Fisker Automotive in 2014. The vehicle business was renamed Karma Automotive, and the Fisker Karma model was renamed Revero. Wanxiang has also participated in Chinese new-energy commercial-vehicle manufacturing. SAIC Motor and Wanxiang established a 49%-51% joint venture, SAIC Wanxiang New Energy Coach Co., Ltd., which obtained a vehicle-manufacturing license in 2015 and planned to develop alternative-fuel coaches. Together, these activities position Wanxiang across several parts of the mobility value chain: conventional automotive components, batteries, electric and alternative-fuel vehicles, and the revival or development of specialized vehicle brands. The company’s positioning is therefore more accurately described as an industrial and mobility group than as a consumer-facing vehicle marque. Its strongest traditional capability is component manufacturing, while its international profile has been shaped by acquisitions involving A123 Systems and Fisker’s successor, Karma Automotive. The supplied sources do not provide current consolidated revenue, a definitive public listing status for the group itself, a current executive roster, or a confirmed official website, so those details are left unspecified.
History
Wanxiang traces its origins to 1969, when it operated as the Ningwei Commune Agricultural Machinery Repair Factory in Xiaoshan County, Zhejiang Province. The enterprise was taken over by Lu Guanqiu and initially focused on producing universal joints. Its early business combined repair and manufacturing capabilities, allowing it to participate in the development of China’s industrial and automotive supply base. The production of universal joints became an important foundation for later specialization in automotive components. In 1990, the company became a separately planned group in Zhejiang Province. This change reflected its growing scale and its increasing importance within the provincial industrial economy. In 1997, Wanxiang was selected as one of the 120 pilot enterprise groups of the State Council. Two years later, in 1999, it was listed among China’s 520 key enterprises and received the first China Industrial Award. These designations established Wanxiang as a nationally recognized industrial group rather than a small regional component manufacturer. The group’s automotive-components activities expanded through subsidiaries including Wanxiang Qianchao Co., Ltd., a company listed on the Shenzhen Stock Exchange, and Wangxiang Qiaochao Co., Ltd., identified in the supplied reference material as Wanxiang’s major automotive-components subsidiary. The group’s traditional industrial base remained automotive supply, but its later strategy increasingly connected component manufacturing with electric mobility and energy-storage technology. Wanxiang entered a significant phase of international expansion through Wanxiang America. In 2012, U.S. battery company A123 Systems filed for Chapter 11 bankruptcy protection. Wanxiang won an auction for the company’s assets in December of that year. Following approval by the Committee on Foreign Investment in the United States, Wanxiang America completed the purchase of the principal assets on January 28, 2013, and formed a new company named A123Systems, LLC. The acquisition gave Wanxiang access to a U.S.-based lithium-ion battery business and strengthened its position in the emerging alternative-energy vehicle sector. Wanxiang America then pursued the assets of Fisker Automotive, a U.S. manufacturer associated with the Fisker Karma plug-in hybrid sports car. Fisker had entered bankruptcy in 2013. In February 2014, Wanxiang America won a three-day auction for the bankrupt company’s assets, with U.S. bankruptcy-court approval. The resulting automotive business was renamed Karma Automotive, while the Fisker Karma was renamed Revero. This transaction extended Wanxiang’s activities from supplying vehicle manufacturers into owning and developing a specialized vehicle brand and its related engineering and production assets. In China, SAIC Motor and Wanxiang established SAIC Wanxiang New Energy Coach Co., Ltd. The joint venture was structured with SAIC holding 49 percent and Wanxiang holding 51 percent. It acquired a vehicle-manufacturing license in July 2015 and planned to produce alternative-fuel coaches. This initiative complemented Wanxiang’s battery and component activities by linking them to commercial-vehicle manufacturing. Wanxiang’s history therefore reflects a progression from agricultural-machinery repair and universal-joint production to automotive-component manufacturing, institutional expansion within China, and international participation in batteries and new-energy vehicles. The available reference material does not establish the group’s current consolidated structure, present leadership beyond its founder, or a current official website. It also does not provide sufficient information to describe later operating performance or the current scale of Karma Automotive and A123Systems.
- 2015
Forms SAIC Wanxiang new-energy coach venture
[1]SAIC Motor and Wanxiang established a joint venture focused on alternative-fuel coaches, with Wanxiang holding 51 percent.
- 2014
Acquires Fisker Automotive assets
[1]Wanxiang America acquired the bankrupt Fisker Automotive assets; the successor became Karma Automotive and the Fisker Karma was renamed Revero.
- 2013
Completes A123 Systems asset purchase
[1]Wanxiang America completed the purchase of the principal A123 Systems assets and established A123Systems, LLC.
- 2012
Wins auction for A123 Systems assets
[1]Wanxiang won the auction for the bankrupt U.S. lithium-ion battery maker’s assets.
- 1999
Recognized as a key national enterprise
[1]The group was included among China’s 520 key enterprises and received the first China Industrial Award.
- 1997
Selected as a State Council pilot enterprise group
[1]Wanxiang was designated one of the 120 pilot enterprise groups of China’s State Council.
- 1990
Becomes a separately planned group
[1]Wanxiang became a separately planned group in Zhejiang Province.
- 1969
Enterprise founded in Zhejiang
[1]The predecessor of Wanxiang began in Xiaoshan County as the Ningwei Commune Agricultural Machinery Repair Factory under Lu Guanqiu’s leadership, producing universal joints.
Products and positioning
A diversified Chinese industrial group centered on automotive components and extending into batteries, new-energy mobility, and international automotive assets.
Automotive parts · 1969
Automotive components
Automotive components are Wanxiang’s historical and principal industrial offering. The group began with universal joints and developed a broader automotive-components business through subsidiaries such as Wanxiang Qianchao and Wangxiang Qiaochao. The supplied reference identifies Wangxiang Qiaochao as the largest China-based automotive-components company by revenue, although it does not provide a current product-by-product catalog.
Lithium-ion batteries · 2013
A123Systems battery products
Through its acquisition of A123 Systems’ assets, Wanxiang entered the U.S. lithium-ion battery business. The transaction involved the principal assets of the bankrupt battery manufacturer and led to the organization of A123Systems, LLC. The available reference material identifies the technology and business as part of Wanxiang’s alternative-energy portfolio but does not specify current models or product availability.
Plug-in hybrid vehicle · 2014
Karma Revero
The Revero is the renamed successor to the Fisker Karma after Wanxiang America acquired Fisker Automotive’s bankrupt assets. The vehicle formed the initial product identity of the renamed Karma Automotive business. The supplied sources do not establish the current production status, specifications, or later model range.
Commercial new-energy vehicles · 2015
Alternative-fuel coaches
SAIC Wanxiang New Energy Coach Co., Ltd. was established to develop and produce alternative-fuel coaches. The joint venture obtained a vehicle-manufacturing license in 2015, but the supplied material does not confirm the launch of a specific coach model or provide details about subsequent production.
Controversies
Brand decisions
2015
Create a new-energy coach joint venture with SAICStrategyBackground
Wanxiang sought to extend its automotive and alternative-energy capabilities into commercial vehicles in China.
Action taken
SAIC Motor and Wanxiang formed SAIC Wanxiang New Energy Coach Co., Ltd., with SAIC holding 49 percent and Wanxiang holding 51 percent. The venture obtained a vehicle-manufacturing license.
Aftermath
The joint venture planned to produce alternative-fuel coaches, but the supplied material does not document a confirmed model launch or later operating performance.
2014
Acquire Fisker Automotive assets and establish Karma AutomotiveM&ABackground
Fisker Automotive, maker of the plug-in hybrid Fisker Karma, entered bankruptcy. Wanxiang America sought to acquire the business’s assets through a U.S. bankruptcy auction.
Action taken
Wanxiang America won the auction and received bankruptcy-court approval to purchase the assets. The business was renamed Karma Automotive and the Fisker Karma was renamed Revero.
Aftermath
The decision gave Wanxiang a direct position in specialized vehicle manufacturing and preserved the Fisker Karma vehicle concept under a new corporate and product identity. The supplied material does not confirm subsequent sales or production outcomes.
Reported transaction value. Approximately US$149.2 million, including US$126.2 million in cash and US$8 million in assumed debt (February 2014)
2012
Bid for A123 Systems’ bankrupt assetsM&ABackground
A123 Systems entered Chapter 11 bankruptcy protection in the United States. Wanxiang pursued the company’s assets through a bankruptcy auction, connecting its automotive-components business with lithium-ion battery technology.
Action taken
Wanxiang won the auction in December 2012. Its U.S. subsidiary later completed the purchase of the principal assets after regulatory approval and organized A123Systems, LLC.
Aftermath
The transaction expanded Wanxiang’s presence in battery manufacturing and alternative-energy mobility. The supplied material does not provide later financial or operating results.
Reported closing purchase price. US$256.6 million (December 2012 auction; purchase completed January 28, 2013)
Recent events
- 2015
SAIC and Wanxiang establish new-energy coach joint venture[1]
M&A · Product launch
SAIC Motor and Wanxiang Group formed SAIC Wanxiang New Energy Coach Co., Ltd. The joint venture obtained a vehicle-manufacturing license and planned to develop alternative-fuel coaches.
- 2014
Wanxiang America wins Fisker Automotive asset auction[1]
Bankruptcy · M&A · Product generation
Wanxiang America received U.S. bankruptcy-court approval to acquire the assets of Fisker Automotive, the maker of the plug-in hybrid Fisker Karma. The successor business was renamed Karma Automotive, and the vehicle was renamed Revero.
- 2013
Wanxiang completes purchase of A123 Systems assets[1]
M&A · Product generation
Wanxiang America purchased the preponderance of A123 Systems’ assets out of bankruptcy and organized a similarly named operating company, A123Systems, LLC.
- 2012
Wanxiang America acquires A123 Systems assets after bankruptcy[1]
Bankruptcy · M&A
Wanxiang America won the auction for the principal assets of U.S. lithium-ion battery manufacturer A123 Systems after the company filed for Chapter 11 bankruptcy protection. The transaction was subsequently completed with approval from the Committee on Foreign Investment in the United States.
Sources5 sources
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