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Think Emerges from Bankruptcy, Eyes US Market
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In Brief: Having successfully emerged from bankruptcy late this past week, Norwegian electric car maker Think is anxious to restart production on their flagship EV and get them onto the US market.
The earlier part of this decade was a much brighter one for the Norwegian electric car maker; they had a good product and, amidst a then-small field of microcars, they enjoyed a high profile. The Oslo-based firm had even formed an alliance with the Ford that would use Ford's network of US dealerships to get their 2-seat Think City electric microcars and other products onto the US market.
Unfortunately, the company had to file for bankruptcy, putting a halt on production. A recent debt settlement plan submitted by the company was approved by the Norwegian courts and the company is back in business. Furthermore, they're in the US looking a place to build the vehicle.
Think has raised about $47 million from a variety of investors, including Finland's Valmet Automotive, which will assume European production of the vehicle later this year at Valmet's Finnish location.
And so …
Flush with fresh cash, the company looks to be getting back on track. Consumers in Europe and later, in the US, can look forward to seeing Think City at local dealerships fairly soon. The 2-seat EV has a top speed of about 60 mph and has a range of 112 miles on a single charge.
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