EV maker Think files for bankruptcy in Norway

EV maker Think Global AS filed for bankruptcy Wednesday in Norway after failed attempts at recapitalization and restructuring. 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,” Think spokesman James Andrews told Automotive News Europe.

The options for Think are either a liquidation of its assets or the sale of the company to a new investor, Andrews said.

Think sold 1,043 units of its City electric vehicle in 2010.

A court-appointed trustee from Oslo-based commercial law firm Thommessen took control of the company Wednesday afternoon. The trustee has responsibility for managing the company’s assets, including wholly owned US subsidiary Think North America, which has an EV production plant in Elkhart, Indiana. Although Think North America is a separate entity, it is financially supported by headquarters in Norway.

Source: Automotive News Europe