Electric Car Company filing for bankruptcy

24 Мар 2014 | Author: | Комментарии к записи Electric Car Company filing for bankruptcy отключены
PEUGEOT iOn – Electric Car 47kW Auto

Electric Car Company filing for bankruptcy

Think Global, the electric car manufacturer has filed for bankruptcy at its North American unit in northern Indiana. This Norwegian Company has decided to settle down its assets, agreeing to the statements from its battery supplier Ener1 Inc. It was the fourth time the Norwegian car manufacturer got filed for bankruptcy.

The four years long deal ended by Ener1 with the Think Global, telling that their investment got impaired.

In October 2007, Ener1 and Think Global made the largest deal in the automotive industry.

According to the agreement made by the two companies, Ener1 have to deliver the sample packs of Lithium Ion batteries to Think Global by March 2008 and the pre-production packs of Lithium Ion batteries by July 2008. Ener1 expected a purchase of batteries of $70 million between 2008 and 2010, also a total value of the contract with $200 million. In the first quarter of this year they met with a loss of $59.4 million due to the delay of operations of the Think Global electric vehicle manufacturer.

When the losses increased, Ener1 decided to cancel the investments with Think Global electric car manufacturers, thus gave an end for the long four year partnership with the electric auto manufacturer.

Think Global is an electric car manufacturer in Oslo, which manufactures vehicles under Think brand. The company originally started in the year 1991 with Pivco (Personal Independent Vehicle Company). They manufactured some sample vehicles named PIV2, with the chassis built of aluminum.

Followed by PIV2, PIV3 came to the market. After that Pivco developed the true electric vehicle PIV4, also called TH!NK. The vehicles roof was made of plastic and the body made of steel. Top speed of Think’s models was 96kmph. When the produced models were sold and the finances had dried up, in 1999 Ford took Think Global and done the production of Think City model.


Ford gave up the company in October 2003 when the vehicle policies changed in California.

It was found that the company have charged for more than $32 million unpaid loans. The company has got unexpected losses in this year and they couldn’t achieve the sales target in the North American market. Thus Ener1 changed its focus of battery selling to the electric vehicles and announced a deal with a Russian company.

They were trying for the better future for the manufacturing works. Thus Ener1 made the deal with the JSC Mobile GTES, a subsidiary of the Federal Grid Company on June 16.

Some of the publishers and editors are telling that the Think car will become a historic footnote. Some of the strong competitors are rising up in the market and they will put down the Think Global.

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