The White House has bet billions of tax dollars on lithium ion batteries for electric vehicles. But has that money been well spent? Here's one company's story. This week, electric car battery maker A123 Systems announced a breakthrough: the next generation electric car battery -- better in extreme temperatures and cheaper. The company desperately needs the good news after two battery recalls, slow demand and layoffs. The road wasn't always so bumpy. When President Obama announced 90-billion stimulus tax dollars for green energy, A123 stepped up for a slice of the pie. It spent $1 million lobbying Congress and federal agencies, and won 249 million in stimulus dollars. CBS News spoke with CEO David Vieau last fall. "Approximately half the people here were unemployed, so we put people back to work," he said. But one month after that interview, A123 laid off 125 employees. Then the luxury electric car Fisker Karma failed. It was powered by a faulty A123 battery. "It's low, it's sleek, it's sensuous... it's also broken! " said Consumer Reports. A123 isn't giving up. It still has more than 100 million federal stimulus tax dollars left to spend...more
Here is the CBS video report:
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