Is there life after Ford? For Norwegian electric car manufacturer Think Global, the answer appeared to be yes, but recent financial hardships threaten its existence and are forcing it to seek government aid.
According to Reuters, the company has halted production of its electric City hatchback. As a result, between fifty and seventy percent of Think’s workforce will be laid off.
“We are in a very serious situation,” said Think CEO Richard Canny. “We would not have take these actions if it was not serious.”
Indeed, it does look serious. The automaker has approached the Norwegian government for a loan of 100 million to 200 million Norwegian crowns, the equivalent of $14.5 million to $29 million. If the stimulus is granted, Canny says Think could resume limited production in the first quarter of 2009.
Think, which was purchased by Ford Motor Company in 1999 and sold in 2003, was beginning to prepare for a re-launch in multiple international markets. Along with the City, a five-door hatchback – not unlike the Ox displayed at the 2008 Geneva motor show – was reportedly under development.