Think Or Swim: Norwegian EV Maker Goes Under
Car production is for the REALLY big boys only. It takes boatloads of patience and money. Ignore it at your peril. Or rather at the peril of your creditors – if you can find any. Latest road kill: The Norwegian EV maker Think Global filed for bankruptcy on Wednesday, as Automotive News [sub] reports. Nothing new for Think. According to AN, “it is the fourth time Think has collapsed financially in its 20-year history.”
Production of Think’s only product, the City minicar, had ceased in March. The car had been made under contract by Think investor Valmet in Finland. In 2010, Think sold only 1,043 units. That the, well, minimalist car retailed for $41,000 before subsidies did not help.
Ener1, which supplied the batteries for the Think City has taken a charge of more than $32 million on unpaid loans and accounts receivable from Think Global.In May, Ener1 had already written-off its $73 million stake in Think, says the Indianapolis Business Journal.
U.S. subsidiary Think North America, which has an EV production plant in Elkhart, Ind. will most likely get drawn into the bankruptcy, AN figures, “because it is financially supported by the headquarters in Norway.” From mid-1999 until January 2003, Think was owned by Ford.