Electric Carmaker Think Files for Bankruptcy
Think Global, a Norwegian automaker that produces the City electric small car, has filed for bankruptcy in Norway. The bankruptcy, reportedly its third, comes after several attempts to restructure the company and attract investors, Automotive News Europe reports.
"We needed some additional funding and although we had interested investors they were not able to come to the table quickly enough," Think Spokesman James Andrew told Automotive News Europe.
Ener1, Think's major investor and a producer of lithium-ion batteries, ended its relationship with Think in May, Edmunds Auto Observer reports.
Think was scheduled to bring its small City electric car to the U.S. later this year in a larger capacity, USA Today reports. The tiny electric car was tentatively priced at about $36,500 before tax incentives, Auto Observer reports. Think, who, according to its site has a location in Dearborn, Mich., announced a recall in February for 23 of its City cars in the U.S. for problems with putting the car in park. There were reports that the park gear was not engaging properly, causing the car to roll when in park. That recall was its third in a few months and in total, the automaker recalled more than 60 percent of its U.S. cars.
If you were planning on buying the Think City electric small car, you might want to consider the Nissan Leaf or Chevrolet Volt. Another option is the 2012 Mitsubishi i-MiEV electric small car, which is scheduled to hit dealerships late 2011.
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