Russian mogul buys bankrupt Think Global
29th July 2011. Bankrupt maker of plastic Think City bought by cardboard mogul.
Boris Zingarevich, a Russian timber-products mogul, has bought Think Global AS – the bankrupt electric car manufacturer based in Norway. This is the fourth time in the company’s 20-year history that it has suffered a financial collapse.
Think are responsible for the Think City, a two-seat, plastic-bodied electric vehicle which is manufactured under contract by Valmet Automotive Inc. of Finland. It recently opened an American assembly plant and supplied its first batch of 15 vehicles to the state of Indiana in December last year. American assembly has been affected by the cessation of manufacturing in Europe which took place in March.
Lithium ion battery suppliers Ener1, and Valmet are reported to be among Think’s secured creditors when it declared bankruptcy, and the two companies are in the process of acquiring stakes in a new company, ‘Electric Mobility Solutions AS’, which will market a revised version of the Think City.
Zingarevich intends to re-start production at Valmet early next year.
With a costly, out-dated model that totally fails to stand comparison with the Nissan Leaf, and without a Pan-European dealer network, this might just be a rescue too far.
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