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The Norway-based electric car maker Think has been acquired by one of its investors, Russian businessman Boris Zingarevich, who plans to relaunch Think.
The electric automaker has filed for bankruptcy for the third time last month after failing to secure finances to continue operating. The automaker released a statement today, regarding a court-appointed trustee choosing Zingarevich as the winning bidder for Think’s assets. The assets will also include Think North America and Think U.K, which are separate entities and had not filed for bankruptcy.
This move has created a new Norway-based company called Electric Mobility Solutions and rescued Think from shutting down. The company has plans to restart production of the Think City electric town car in the first quarter of next year. The Think City is a highway-capable sedan, made with a plastic shell and has a range of around 100 miles. The price of the City EV is projected to be around $35,000 and targeted towards urban commuters.
“With the potential of working with the leading American automotive lithium-ion battery maker and Europe’s top automobile engineering and manufacturing company, I believe we could have exactly the right combination and value chain to ensure that the brand will be increasingly competitive in the worldwide electric vehicle market,” Zingarevich said in a recent statement.
[Source: Car Tech]
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]
The Think City electric car is to go on sale for $36,495 by the end of the summer this year.
This is about $2,500 more than it estimated last year for the two-seater, and $3,715 more than the larger Nissan LEAF. The price does not include a $7,500 federal tax credit, or potential state and local incentives where applicable.
Presently, there’s a hodge-podge of benefits on the state level from none to some, with Colorado leading the way by offering the most incentive dollars.
Nissan has been accused of selling its LEAF as a loss leader, and if the Think City is any indicator, it is starting to look truer. For Think’s only imported model, its U.S. market demand is already looking weak, and was blamed for recent layoffs at its supplier, Ener1, an Indianapolis-based semiconductor firm.