NORWAY: Think Global files for bankruptcy
Think's future is now uncertain, but the company has previously announced a number of distribution deals for its cars that were assembled by Valmet in Finland
Electric car maker Think Global AS has filed for bankruptcy after failing to find financing for its business.
The small Norwegian producer was formerly owned by Ford – which sold the unit in 2003 – and has struggled to secure long-term financing for its niche EV business. Sales totalled around 1,000 vehicles in 2010.
The failure of Think will add to worries over prospects for pure electric cars – which are subject to concerns over battery performance and high purchase cost, but hailed by others as the future for the auto industry.
Reports suggest that although the company was speaking to potential investors, a liquidity crisis overtook the discussions.
US-based battery maker Ener1, which holds a one-third stake in Think Global, last month took a US$35m charge against its earnings for the stake.