Evidently, the third time wasn’t the charm for Think, the Norwegian manufacturer of small electric vehicles. The company has gone bust for the fourth time in its 20 year history. Think attempted to restructure, but was ultimately not successful.
“We needed some additional funding and although we had interested investors they were not able to come to table quickly enough,” Think spokesman James Andrews said to Automotive News Europe. Think will either be sold or have its assets liquidated.
Production of the Think City, the company’s sole model, was suspended in March. Just 1,043 were sold in 2010. Think was sold by Ford Motor Co in 2003 and has sold ever since. Think operates in North America, but its future is in doubt due to its reliance on the firm’s Norwegian operations.
[Source: Automotive News]