Think Global: Electric car maker goes bankrupt

It is the fourth time Think has collapsed financially in its 20-year history. Photo / Supplied
It is the fourth time Think has collapsed financially in its 20-year history. Photo / Supplied

Tiny electric car maker Think Global has filed for bankruptcy in its home market of Norway after attempts to keep the company going through recapitalisation and restructuring failed.

It 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 the table quickly enough," said Think spokesman James Andrews.

He declined to say how much cash Think sought to remain operating, but industry sources say the company would have needed many millions to keep going.

Andrews said Think's options were either to liquidate assets or sell the company to a new investor.

European production of the carmaker's lone model, the City minicar, stopped in March.

At the time, the company said it halted the production line at contract manufacturer and Think investor Valmet Automotive's factory in Uusikaupunki, Finland, to rebalance its inventory.

Think sold just 1043 units of the City last year.

A court-appointed trustee from Oslo-based law firm Thommessen took control of the company this week, Andrews said.

The trustee has responsibility for the company's assets, including US subsidiary Think North America, which has an EV production plant in Elkhart, Indiana. Although Think North America is a separate entity, its future is in doubt because it is financially supported by headquarters in Norway.

- NZ Herald

© Copyright 2014, APN New Zealand Limited

Assembled by: (static) on production bpcf02 at 21 Dec 2014 17:26:04 Processing Time: 346ms