Think Global, Norway's electric car pioneer, went bankrupt — again

Think Global was founded in December 1991 as Pivco (Personal Independent Vehicle Company) in Oslo, Norway. It was one of the earliest modern electric vehicle startups, producing the Think City — a small two-seat electric car. The company went through multiple ownership changes, restructurings, and bankruptcies over its 20-year history.

The company went bankrupt four times. The first was in the late 1990s, after which Ford Motor Company acquired the assets and produced the Th!nk City from 2000 to 2002. Ford sold the company in 2003. After a brief revival, it filed for bankruptcy again in 2006. A group of Norwegian investors bought the assets, relaunched as Think Global, raised $47 million in 2009, and secured a US Department of Energy loan guarantee. GE invested $4 million in 2008.

In December 2008, the company suspended production and laid off 50% of staff while seeking $29 million in working capital. It restructured again in 2009, but production was stopped again in March 2011. On June 22, 2011, Think Global filed for its fourth bankruptcy. The company had raised approximately $200 million in total from investors, produced only about 2,500 vehicles, and had around $100 million in debt. All 125 employees lost their jobs.

Assets were bought by Electric Mobility Solutions AS in July 2011, which briefly restarted production in early 2012 before ceasing in August 2012. The brand rights were later acquired by Chinese investors, but no new vehicles were produced.