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A123 declines after landing Navistar deal

A123 will supply a battery pack for a Navistar electric vehicle. A123 will supply a battery pack for a Navistar electric vehicle. (Istockphoto.Com)
June 13, 2010

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Watertown-based A123 Systems Inc. fell despite news that it struck a deal with Navistar Inc. A123, which develops rechargeable lithium ion batteries and battery systems for transportation and other markets, said it will supply lithium ion battery systems for electric vehicles for the Navistar-Modec EV Alliance. However, Goldman Sachs lowered its price target on A123 shares from $15 to $9 citing the company’s forecast for losses this year and next.