Financial crisis hits electric car company Think Global

Think Global is a Norwegian based manufacturer of electric vehicles and is the same company behind the original ‘Th!nk’ electric car that went on sale in the U.S. during the late 1990s. Back then, Think was owned by Ford, which sold it in 2003 to Swiss company Kamkorp Microelectronics. In 2006 Think went bankrupt and was subsequently rescued by a group of Norwegian investors determined to build the firm into a proper carmaker with a number of all-electric models.

The rejuvenated company showed some promise in recent years, revealing a number of new concept vehicles and announcing plans to establish operations in the U.S. and eventually launch a range of electric vehicles Stateside. Think eventually went on to build some 350 vehicles in 2008 and planned to boost production to around 10,000 units this year but then the global economic crisis took its toll.

Demand for its cars started to fall and the company couldn’t raise enough capital to fund its growth, reports the New York Times. Late last month Think was forced to file for bankruptcy protection.

Think is now seeking a strategic partner and more funding. The company has already managed to secure $5.7 million in loans and is being partially supported by one of the firms supplying it with lithium-ion batteries.

Its current model is an all-electric compact city car called the City EV that sells in Europe for about $30,000.