Electric-cars maker Think files for bankruptcy

Think City

Here is a surprise out of left field (well, almost). Electric-car maker Think Global AS announced today that it has filed for bankruptcy in its home market of Norway after failing to keep the company going through recapitalization and restructuring.

This is the fourth time Think has collapsed financially in its 20-year history.

“We needed some additional funding and although we had interested investors they were not able to come to the table quickly enough,” Think spokesman James Andrew said.

Future options for Think include a liquidation of its assets or the sale of the company. Think sold just 1,043 units of the City in 2010.

– By: Omar Rana

Source: Automotive News