The NZ Herald reports that electric vehicle manufacturer Think has succumbed to bankruptcy once again - Think Global: Electric car maker goes bankrupt.
Tiny electric car maker Think Global has filed for bankruptcy in its home market of Norway after attempts to keep the company going through recapitalisation and restructuring failed. It 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," said Think spokesman James Andrews. He declined to say how much cash Think sought to remain operating, but industry sources say the company would have needed many millions to keep going.
Andrews said Think's options were either to liquidate assets or sell the company to a new investor.
European production of the carmaker's lone model, the City minicar, stopped in March.
At the time, the company said it halted the production line at contract manufacturer and Think investor Valmet Automotive's factory in Uusikaupunki, Finland, to rebalance its inventory.
Think sold just 1043 units of the City last year.