The Norwegian electric car maker Think Global AS has filed for bankruptcy protection in Norway, after failed attempts at recapitalization and restructuring.
Ener1, the US lithium-ion battery producer which led a capital increase of Think last year, said that it planned to take a charge on its earnings worth about $35m relating to loans receivable from the company.
This 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 table quickly enough. The options for Think are either a liquidation of its assets or the sale of the company to a new investor,” Think spokesman James Andrews told Automotive News Europe.
Production of Think’s only vehicle, the Think CityEV, ceased in March, at which time the company claimed it was rebalancing its inventory. Think sold 1,043 units of its City electric vehicle in 2010.
Think Global opened its Elkhart factory last year with hopes of producing 2,500 Think City EVs per year initially and employing 415 people by 2013.
Ford bought the company in 1999 in response to California’s mandate requiring carmakers to develop zero-emission vehicles and it was owned by the Detroit giant until January 2003.
The Norwegian electric car maker almost died during the global financial crisis but the company found new investors and restarted production in late 2009.