Norwegian electric car company Think Global AS has filed for bankruptcy for the fourth time.
Think spokesman James Andrews told Automotive News Europe the company failed to stay afloat during its recent restructuring attempt.
“We needed some additional funding and although we had interested investors they were not able to come to table quickly enough,” Mr Andrews said.
A trustee from Thommessen law firm in Oslo took control of the company and its Indiana-based subsidiary Think North America yesterday.
Mr Andrews said the options for Think were to be purchased by a new investor or to have its assets liquidated.
Production of Think’s only vehicle, the Think City mini EV, ceased in March, at which time the company claimed it was rebalancing its inventory. Just 1043 Think vehicles were sold in Europe in 2010.
Think’s US operations are now also under a cloud as a result of the bankruptcy. Last year the company opened a new factory in Elkhart, Indiana with plans to ramp up production to 2500 vehicle per year and increase its workforce to 415 people. So far, sales have fallen well short of predictions.
Think Global has struggled since Ford Motor Co. withdrew from the business in 2003. It almost died during the global financial crisis but secured funding in 2009 and recommenced production later that year.