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EV maker Think files for bankruptcy in Norway

Automotive News Europe. EV maker Think Global AS filed for bankruptcy Wednesday in Norway after failed attempts at recapitalization and restructuring. This is the fourth time Think has collapsed financially in its 20-year history.

“We needed some additional funding and although we had interested investors they were not able to come to table quickly enough,” Think spokesman James Andrews told Automotive News Europe.

The options for Think are either a liquidation of its assets or the sale of the company to a new investor, Andrews said.

Think sold 1,043 units of its City electric vehicle in 2010.

A court-appointed trustee from Oslo-based commercial law firm Thommessen took control of the company Wednesday afternoon. The trustee has responsibility for managing the company’s assets, including wholly owned US subsidiary Think North America, which has an EV production plant in Elkhart, Indiana. Although Think North America is a separate entity, it is financially supported by headquarters in Norway.

Comments

Account Deleted

I think that Nissan and Renault will cannibalize the market for battery electric vehicles below 35000 USD. The only way to seriously compete in that segment is if you invest as much as Nissan and Renault are investing and that is about 6 billion USD. To be sure, nobody but the Nissan Renault alliance is investing that much in battery electric vehicles.

Coda will be next to give up in the US market. Even the forthcoming Ford Focus BEV will have a hard time with less trunk space and no fast charger capability when compared to the Leaf. Ford will have to price it significantly below the Leaf or it will not sell and I don’t think that Ford can do that without loosing money.

SJC

This is kind of sad, but it happens. Ford and GM will have EVs along with Nissan and others, the dream lives on.

Mannstein

To be expected.

ai_vin

Right now I'm trying to think of all the ICE car makers that have passed on.

Names like Tucker, Owosso Motor Car Co. and Delorean come to mind first but here's a list; http://en.wikipedia.org/wiki/List_of_defunct_United_States_automobile_manufacturers

Reel$$

Sad. And we think more so that the people of Norway chose not to support their native manufacturer of EVs. Could it have something to do with the immense income oil brings to Norway?

And their recognition that non-fossil fuels and EVs means their astonishing gravy train of oil income (the "Sovereign Petroleum Fund" second only to Abu Dhabi) would suffer.

SJC

Norway got hit from the sub prime disease, lots of their pension funds took a hit. The North Sea is in decline, I do not know why they stopped their support, I suppose we would have to ask them and hope that we got an honest reply.

ToppaTom

I understand GMs brainwashing efforts, over the last 10 years have evolved and successfully wiped out almost all the millions and millions of EV1 hopefuls; leaving the 4 place (with DOUBLE the utility) Think City electric vehicle with meager sales.

Word on the street is that the Volt is scheduled for recall sometime in 2013 or 2014, for crushing.

How the Leaf will be dealt with is still a matter of speculation.

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