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Battery maker Ener1 files for bankruptcy, tied to Think Global's bumper
Nobody was that surprised when EV maker Think Global drove off into the Chapter 11 sunset, but now it's towed an even bigger company along with it. Ener1 invested heavily in Think and also manufactured the lithium-ion batteries for its cars, but all it got in return was a lethal $69 million hole in its balance sheet. The company was de-listed from Nasdaq last month and now it's seeking bankruptcy protection to restructure $81 million in debts. If it fails to get its finances in order, organizers of the 2014 Winter Olympics may need to look for another power source.
EV maker Think Global files for bankruptcy after poor US sales
Not so long ago, we were ready to believe that this plastic EV might stand a fighting chance thanks to its local charm and initial $28,000 price tag. But then the price soared, sales failed to pick up, and now it appears the Norwegian maker of the Think City couldn't cling on any longer. Think Global has filed for bankruptcy and will be liquidated in an attempt to pay off its creditors, including US battery producer and investor Ener1, which is making a $33 million charge on the company's assets. It's sad to see any such enterprise fail, but Think Global might one day be seen as a victim of the success of the EV industry, which is beginning to see better competition and lower prices.
Electric Think City car sets sights on North American launch
You totally thought that "Think" operation you heard about last summer was nothing more than yet another electric car dream that would never see reality, didn't you? Turns out, the endeavor could be more successful than anyone originally imagined, and if all goes to plan, the Think City should hit US shores later this year. Beyond that, the company is assuming that it "could be selling as many as 50,000 units in two or three years," and with pump prices soaring and a sticker of around $25,000, we don't have much reason to doubt that. The 110 miles-per-charge vehicle, which touts a top speed of 65MPH and reportedly meets all US / European safety standards, would likely be assembled in Southern California (at least, ones sold over here), but we've no idea if swarms of Think dealerships will start popping up after all this goes down.[Via International Herald Tribune]
