Although the EV movement might be in full force with all major automakers planning to introduce electric cars within the next few years, small Norway-based Think won’t make the cut.
Think, which has its North American headquarters in Elkhart, Indiana, filed for bankruptcy protection in Norway this morning, according to one of its major creditors.
Think will liquidate its assets, including Indianapolis-based Ener1, an advanced electric car battery supplier. It’s unclear if Ener1 will continue to supply batteries for other firms. Think owed Ener1 about $32 million in unpaid loans.
The demise of Think was hardly surprising to those in the EV industry. The company’s sales never took off and, earlier this year, Ener1 said it would have to write off its $73 million stake in Think.
Although Ford invested heavily in Think in 1999, the Michigan automaker was forced to cut down on its foreign subsidiaries in an effort to reduce spending. Ford sold Think in 2003, and while the future looked bright after it began serial production of its fifth generation model in 2007, the small EV never caught on with buyers. Think’s European-assembled vehicles were built at a Valmet-operated plant in Finland that also built the Porsche Boxster and Cayman until earlier this year.
References
1.’Electric car company…’ view
