The innovative Norwegian car marker Think is seeing production of its environmentally-friendly electric car grinding to a halt just as it was starting to gain momentum. The concept of the compact Think City car is perfectly timed considering ever-increasing global climate worries, but a lack of financing may see the production terminated just two months after it launched its sole model.
The company has already decided to lay off half of its staff of 200 until the end of January, hoping that things will turn around after the New Year. It lacks the cash needed to pay suppliers, who are now demanding payment up front in the face of the global economic meltdown.
The AFP news service reports that Think has requested help from the Norwegian government in the form of credit, capital injection, or loan guarantees in exchange for a stake in the company. So far, the government isn’t interested. The Norwegian carmaker has ambitious plans to become the world’s leader in electric cars, hoping to double its production in 2009 to 10,000 vehicles and expand into new markets.
At the moment the Think City is only cruising the roads of Oslo, where ample recharging stations, free parking and other driving incentives make it a great choice for a vehicle. Think had planned to move into other European cities in 2009 beginning with its Nordic neighbours, but for now everything is on hold until the cash starts flowing again.
Interesting indeed. I think the government needs to step up and help this cause because Eco friendly cars should be the next giant leap in he automobile industry. And if these types of cars have a financial crisis, it needs to be well addressed.
I think it would be great if all cars in the street will going to be eco-friendly just like what this car company is targeting. Glad to hear that a US company will support their business and advocacy. Their efforts won’t be put into nothing after all.
Well, that’s great. The production of 10,000 vehicles are expected already and do they need any financial assistance either? This reminds me of Detroit.