Think Global, the Norwegian electric vehicle manufacturer, refused to confirm or deny media reports on Wednesday that it may move production to Finland as part of a restructuring plan.

The Verdens Gang newspaper, citing financial sources familiar with the situation, reported that the move would attract millions of kroner from new and existing investors.

Think has just one model in its product line-up, the City minicar, and is considered a pioneer in the electric vehicle sector. The car, which is slightly larger than Daimler’s Smart ForTwo city car, has a driving range of 180km and a top speed of 100km/h (62mph).

Valmet, one of the reported new investors, is based in Finland, and a contract assembler of vehicles for customers including Porsche.

Think spokeswoman Katinka von der Lippe told news agency AFP she could “neither confirm nor deny” whether the VG report was correct.

“We are right in the middle of a restructuring process which, by law, means we cannot comment on these questions,” she said.

Think, which employs around 200 people, has just one assembly plant in Aurskog, east of Oslo. Last December the company said that it wanted to build 10,000 cars from the end of 2009 but that goal has been hit by the global economic turmoil.

Last month Think said it had partnered with EnerDel, a US maker of lithium-ion batteries, to offer a modular EV powertrain to other electric carmakers worldwide, including a pilot programme to install their system in delivery vehicles operated by the Japanese postal service.

Think also said that it was looking for a site in the US to produce 2,500 cars next year.