A Russian entrepreneur has come to the rescue of quirky Norwegian electric car manufacturer THINK Global AS, purchasing the bankrupt company and promising a new car early in 2012.
Boris G. Zingarevich, an investor in THINK’s US-based lithium-ion battery supplier Ener1, has acquired THINK Global AS, as well as subsidiaries THINK North America and THINK UK. The new company will be marketed by Electric Mobility Solutions AS.
In the process of the purchase, Mr Zingarevich has signed a memorandum of understanding with Ener1 and Finnish engineering and manufacturing firm Valmet to cooperate in the brand’s relaunch.
“Having achieved the position of one of the world’s most highly regarded electric vehicle products, the THINK brand is a valuable asset that deserves to continue its key role in the global shift to electrification,” said Mr Zingarevich.“With the potential of working with the leading American automotive lithium-ion battery maker and Europe’s top automobile engineering and manufacturing company, I believe we could have exactly the right combination and value chain to ensure that the brand will be increasingly competitive in the worldwide electric vehicle market.”
Production is set to resume in the first quarter of 2012, with Mr Zingarevich promising a more refined version of the THINK City. A new sales and service structure will be announced soon.
This is the fourth time THINK has been saved from financial collapse in its 20-year history.
What do you think THINK needs to do to become successful? Are quirky compact electric cars the way to go, or should its focus its efforts elsewhere? Let us know your thoughts in the comments section below.