Norwegian EV maker THINK has lost another key investor. Battery maker Ener1 has announced it will return its 31% stake to the company and take a write down of $73.3 million.
This is not the first investor THINK has lost — back in 2002 Ford pulled the plug (geddit?) after investing $123 million into the company. THINK hasn’t yet commented on what impact the loss of such investment and battery technology will have on its plans.
Marketed in several European countries, the THINK City range recently got a four seater to complement the original two seat version, adding to its practicality. But THINK faces many challenges, not just lack of funding — the EV market remains tiny due to the expense of the vehicles, low range and poor charging facilities at journey end. The entry into the market of mainstream car manufacturers with established dealer networks isn’t going to help their lot either — would you buy a THINK City for £19,000 when you can pick up a Renault Twizzy for less than seven grand?