The investors, including flamboyant Norwegian hotel owner Petter Stordalen, have raised USD 25 million in new capital for the firm based in Aurskog, northeast of Oslo. They aim to revive the firm that's jolted from one crisis to another during the past 10 years.
The original Think car, called Pivco at the time, was invented by a Norwegian, Jan Otto Ringdal, in the early-1990s. He struggled economically, though, and the production of the car that evolved into the "Th!nk" vehicle was continually under threat.
He won some state support, and production was expanded when Ford Motor Co bought into the company to satisfy environmental requirements in one of its biggest markets, California. The little car gained a loyal following in California, but Ford eventually pulled the plug on the project and turned over the company to an Indian investor who at one point planned to launch an electric mini-bus with the idea of using it for public transport.
Those plans never materialized and the Think factory in Aurskog wound up in bankruptcy once again last year. Ringdal eventually bought up the remaining assets, attracted the new investors and is getting production back in gear, thanks to the infusion of capital.
Other investors in the latest revival of Think include shipping heir Petter Sundt, retailing tycoon Stein Erik Hagen and one of the family members behind the Centra grocery store chain, Christian Stabell Eriksen, all of whom are known for major success in the business world.
The new "Think City" is, as its name implies, meant for city driving, reports web site Forbruker.no. It features new battery technology borrowed from the submarine world that can allow the car to drive 180 kilometers between each recharging. In the winter, with snow tires mounted and heaters running, driving distance is estimated at 90 kilometers between rechargings.
The car still features just two seats and a plastic chassis as in the earlier models, but it's built to Ford's standards and exceeds both European and American vehicle requirements.
The new Think will cost about NOK 200,000 in Norway, or around USD 30,000. The first cars are due for delivery at the end of the year.
