Despite losing over $250 million last year, the company remains optimistic.
A123 Systems—the battery maker that’s central to the Obama administration’s efforts to establish an advanced battery industry in the United States and to greatly increase the number of battery-powered vehicles on the road—announced today that it lost $258 million in 2011, compared to $152 million in 2010. In spite of the loss, the company remains optimistic, predicting lower operating and capital costs and a 45 percent to 89 percent increase in revenue in 2012. But hitting those targets will depend on more consumers buying electric vehicles, and so far, demand has been lower than A123 expected.