Exhibit 99.1

NEWS RELEASE for May 4, 2012 at 6:00 AM ET

AMERIGON REPORTS 2012 FIRST QUARTER RESULTS

NORTHVILLE, MI (May 4, 2012) . . . Amerigon Incorporated (NASDAQ-GS: ARGN), a global developer and marketer of innovative thermal management technologies for a broad range of heating and cooling and temperature control applications, today announced its financial results for the first quarter ended March 31, 2012.

On May 16, 2011, Amerigon closed the previously announced acquisition of a majority interest in W.E.T. Automotive Systems AG, a publicly-traded German automotive thermal control and electronic components company. The 2011 first quarter which was completed prior to the acquisition date does not include operating results of W.E.T.

President and CEO Daniel R. Coker said, “Revenues in the first quarter came in as we had projected. We are pleased with the progress made during the quarter and how things are looking for the future, particularly the resources and critical mass gained from the acquisition of W.E.T. In addition, the continuing success of our Climate Control Seat^TM system (CCS^TM) and the growing acceptance of our related products, including our new heated and cooled cup holders and our heated and cooled mattress products, and the progress our advanced development teams are making on our thermoelectric generators are all positive signs that bode well for our future.”

Revenues for the 2012 first quarter increased to $129.5 million from $35.8 million in the prior year period. The increase in revenues primarily reflects additional W.E.T. revenue of $100.5 million, including the positive effects of the first Amerigon vehicle program to be produced in a W.E.T. facility, which totaled $7.0 million. This year’s first quarter revenues were approximately 4 percent higher than the pro-forma combined results of both Amerigon and W.E.T. Had Amerigon acquired W.E.T. on January 1, 2011, pro-forma combined revenues during the 2011 first quarter would have been $124.5 million. Amerigon historical revenue for this year’s first quarter, as presented in an accompanying table, decreased 19 percent to $29.0 million from $35.8 million in the first quarter of 2011, due primarily to the program transfer to W.E.T.

This year’s first quarter net income attributable to common shareholders was $2.7 million, or $0.11 per basic and diluted share. Non-cash charges related to the W.E.T. acquisition totaled $1.9 million, or $0.08 per basic and diluted share. In addition, the 2012 first quarter results include convertible preferred stock dividends of $2.2 million, which reduced net income attributable to common shareholders by $0.09 per basic and diluted share. Adjusting for these

factors, Amerigon would have reported net income attributable to common shareholders of $0.28 per basic share and $0.27 per diluted share. Net loss attributable to common shareholders for the first quarter of 2011 was $666,000, or $0.03 loss per share, which included acquisition-related fees and expenses totaling $3.8 million. Excluding these charges, Amerigon would have earned $3.1 million, or $0.14 per basic share and $0.13 per diluted share, in the 2011 first quarter. The fees and expenses associated with the W.E.T. acquisition are detailed in the Acquisition Transaction Expenses, W.E.T. Purchase Accounting Impacts and Other Effects table accompanying the release.

Gross margin as a percentage of revenue for this year’s first quarter was 25 percent, compared with 29 percent in the first quarter of 2011 (for Amerigon alone). The decrease primarily reflects W.E.T.’s lower gross margin on sales (24.5 percent), and for Amerigon, lower sales volumes and an unfavorable mix of products sold.

Adjusted EBITDA for the first quarter of 2012 was $15.8 million compared with Adjusted EBITDA of $5.2 million for the prior year period, and was $1.0 million higher than Adjusted EBITDA during the fourth quarter 2011 of $14.8 million.

Historical Amerigon financial results and Adjusted EBITDA for the first quarter of 2012 (which are non-GAAP measures) are provided to help shareholders understand Amerigon’s results of operations due to the acquisition of W.E.T. These non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Amerigon’s reported results prepared in accordance with GAAP.

On March 23, 2012, the Company completed a public offering of 5,290,000 shares of common stock, including the sale of 690,000 shares pursuant to the full exercise of the underwriters’ over-allotment option. Net proceeds to the Company from the sale of the shares including the over-allotment option were $75.5 million after the deduction of underwriting discounts and other offering expenses. The Company intends to use the net proceeds from this offering to make future redemption installment payments on, and pay dividends on, its outstanding Series C Convertible Preferred Stock totaling $49.9 million and, to the extent not used for such purposes, to fund debt service, debt retirement and general corporate purposes.

The Company’s balance sheet as of March 31, 2012, had total cash and cash equivalents, including the offering proceeds, of $100.6 million, total assets of $465.5 million and shareholders’ equity of $202.1 million. Total debt was $73.6 million, and the book value of the unredeemed Series C Convertible Preferred Stock was $43.5 million as of March 31, 2012.

Interest Expense and Revaluation of Derivatives

Interest expense for the first quarter of this year was $1.1 million compared with $9,000 in interest income for the prior year period. Approximately $442,000 in interest expense was related to the debt of W.E.T., and the balance resulted from financing used to fund a portion of the W.E.T. acquisition.

For this year’s first quarter, the Company recorded net gains related to the revaluation of derivative financial instruments totaling $1.4 million. The amount included net losses from the derivatives of W.E.T. Derivative gains and losses stem from W.E.T.’s Cash Related Swap (CRS) contract and portfolio of currency derivative instruments.

Research and Development, Selling, General and Administrative Expenses

The 2012 first quarter results include a year-over-year increase in net research and development expenses of $7.3 million reflecting net research and development expenses from W.E.T. totaling $7.4 million.

Selling, general and administrative (SG&A) expenses for this year’s first quarter increased $10.6 million primarily due to the SG&A expenses of W.E.T. totaling $9.9 million. Higher wage and benefit costs, consulting, audit and legal expenses also contributed to the increase. SG&A for the 2012 first quarter decreased $2.0 million sequentially from the 2011 fourth quarter primarily due to lower management bonus accruals and a lower foreign currency exchange rate on the Euro-denominated SG&A expenses of W.E.T.

Guidance

The Company expects combined revenues of Amerigon/W.E.T. in the 2012 second quarter to be moderately higher compared with the 2012 first quarter ($129.5 million) and in-line with the Company’s full year forecast. Barring unforeseen economic turbulence, 2012 appears to be a strong year for the combined companies. Amerigon is expecting revenue growth for the full year in the range of 10 percent over the combined Amerigon/W.E.T. 2011 revenues (which were $501.2 million on a full year pro-forma basis).

Conference Call

As previously announced, Amerigon is conducting a conference call today to be broadcast live over the Internet at 11:30 AM Eastern Time to review these financial results. The dial-in number for the call is 1-877-941-2068. The live webcast and archived replay of the call can be accessed in the Events page of the Investor section of Amerigon’s website at www.amerigon.com.

Note Regarding Use of Non-GAAP Financial Measures

Certain of the information set forth herein, including Adjusted EBITDA and historical Amerigon financial results, may be considered non-GAAP financial measures. Amerigon believes this information is useful to investors because it provides a basis for measuring Amerigon’s available capital resources, the operating performance of Amerigon’s business and Amerigon’s cash flow that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles. Amerigon’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating Amerigon’s operating performance, capital resources and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP. Reconciliation between net income and EBITDA is provided in the financial tables at the end of this news release.

About Amerigon

Amerigon (NASDAQ-GS:ARGN) is a global developer and marketer of innovative thermal management technologies for a broad range of heating and cooling and temperature control applications. Automotive products based on technologies developed by Amerigon and its majority-owned subsidiary, W.E.T. Automotive Systems AG, include actively heated and cooled seat systems and cup holders, heated and ventilated seat systems, thermal storage bins, heated seat and steering wheel systems, cable systems and other electronic devices. Its advanced technology team is developing more efficient materials for thermoelectrics and systems for waste heat recovery and electrical power generation for the automotive market that may have

far-reaching applications for consumer products as well as industrial and technology markets. Amerigon has more than 5,000 employees in facilities in the U.S., Germany, Mexico, China, Canada, Japan, England, Korea and the Ukraine. For more information, go to www.amerigon.com.

Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company’s actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon’s Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended March 31, 2012, and its Form 10-K for the year ended December 31, 2011.

TABLES FOLLOW

AMERIGON INCORPORATED

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

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AMERIGON INCORPORATED

RESULTS EXCLUDING W.E.T.

The following table presents select operations data for the period as reported, amounts for W.E.T. operations and amounts for Amerigon less the W.E.T. amounts representing the historical portion of Amerigon. These Historical Amerigon financial results for the three-month period ended March 31, 2012, which are non-GAAP measures, are provided to help shareholders understand Amerigon’s results of operations in light of the acquisition of W.E.T. These non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Amerigon’s reported results prepared in accordance with GAAP.

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Reconciliation of Adjusted EBITDA to Net Income

(Unaudited, in thousands)

Use of Non-GAAP Financial Measures

In evaluating its business, Amerigon considers and uses Adjusted EBITDA as a supplemental measure of its operating performance. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, and deferred financing cost amortization, less transaction expenses, debt retirement expenses, unrealized currency (gain) loss and unrealized revaluation of derivatives. Management believes that Adjusted EBITDA is a meaningful measure of liquidity and the Company’s ability to service debt because it provides a measure of cash available for such purposes. Management provides an Adjusted EBITDA measure so that investors will have the same financial information that management uses with the belief that it will assist investors in properly assessing the Company’s performance on a period-over-period basis.

The term Adjusted EBITDA is not defined under GAAP, and is not a measure of operating income, operating performance or liquidity presented in accordance with GAAP. Adjusted EBITDA has limitations as an analytical tool, and when assessing the Company’s operating performance, investors should not consider Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with GAAP. Amerigon compensates for these limitations by relying primarily on its GAAP results and using Adjusted EBITDA only supplementally.

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AMERIGON INCORPORATED

ACQUISITION TRANSACTION EXPENSES, W.E.T. PURCHASE ACCOUNTING IMPACTS AND

OTHER EFFECTS

(In thousands, except per share data)

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AMERIGON INCORPORATED

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

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AMERIGON INCORPORATED

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

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