Russian buys Think Global

After filing for bankruptcy for the fourth time in its history last month, electric car manufacturer Think Global AS has been bought by Russian investor Boris Zingarevich.



Think North America and Think UK, which remained solvent throughout, have also been acquired as part of the transaction.



The new Norwegian-registered company has been named Electric Mobility Solutions AS, although vehicles will continue to be marketed under the Think brand. Production is scheduled to restart during the first quarter of 2012, and a new sales and service network is due to be announced soon.



And sorting out the distribution channels is important, because previously the vehicles were only available in Norway, the United States, Austria and the Netherlands. Undoubtedly having such a limited market presence contributed to a measly and financially unsustainable 1,043 unit sales in 2010.

The Think City N van was launched in January 2011.

Importantly, the deal includes a memorandum of understanding with key suppliers Valmet Automotive and lithium-ion battery maker Ener1 regarding their co-operation on the re-launch of Think. Both firms, which were creditors of the firm at the time of the last bankruptcy, are also negotiating equity stakes in the new operation.



Commenting on the purchase, Boris Zingarevich said: “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. 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.”



Indeed, that is the nub of the issue: Can a comparatively tiny concern like Think compete on price, range and performance in an increasingly crowded electric vehicle marketplace, especially one that’s now starting to attract mainstream manufacturers?



Related post:

Think launches City van

Toyota iQ EV prototype

An all-electric version of Toyota’s diminutive iQ city car is set to make its first European appearance at the Geneva International Motor Show.

Still at the prototype stage, the iQ Electric Vehicle borrows components from Toyota’s Hybrid Synergy Drive system as used in the Auris Hybrid and, of course, the Prius.



The iQ EV’s flat lithium-ion battery is stored under the floor, so that no passenger or luggage space is lost. Clever packaging, perhaps, but making the battery small also means that the iQ EV will only travel a paltry 65 miles (105 kilometres) between recharges.

Considering that other small electric cars such as the Think City manage 100 miles (160 kilometres), the Toyota doesn’t exactly advance the genre a great deal.



Testing of the iQ EV is due to continue during 2011, ahead of a customer leasing programme in 2012. And no, there isn’t any word on whether Aston Martin is considering battery power for its iQ-based Cygnet.



Related posts:

Think launches City van

£40k for iQ-based Cygnet

Think launches City van

Norwegian electric vehicle maker Think has added a new model to its range.



The City N van, which is based on the existing City car, has European type approval, a 237 kg load capacity and 700 litres of cargo space. It will be joined by the larger 900 litre capacity Compact van later this year, with the possibility of more variants to follow.

Short, urban journeys are likely to be all that the City N van is suited to, thanks to a 100 mile (160 km) range and an eight hour recharge time for its lithium-ion battery system. Its load lugging ability won’t be able to compete with establish petrol- or diesel-powered small vans, either. The Ford Fiesta Van, for example, can transport a payload of 507 kg.



However, for niche operations where there’s no need to travel great distances, the Think’s low running costs could prove advantageous.



One underlying issue that Think needs to sort out is its distribution network, as currently its vehicles are only available in the United States, Austria, the Netherlands and Norway. Progress on this is promised during 2011.