The Norwegian government denied EV car manufacturer, Th!nk, financial aid today. Th!nk's Chief Executive, Richard Canny, estimates that the company needs between $14.5 and $29 million in aid to survive the economic crisis.
This isn't the first time Th!nk has faced financial hardship. In 2006, the company formerly owned by Ford went bankrupt (for the second time) before new owners and investors bailed it out. Just two weeks ago, Th!nk announced plans to double production of their plug-in EV Th!nk City model in 2009 in preparation for a European marketing push.
Now Th!nk expects to temporarily stop production in their Norway plant and lay off over half of their workforce. The Norwegian automaker had been producing between eight and ten cars a day, with goals as high as 44 cars a day for next year. They might be lucky to survive that long. According to Richard Canny "...given what is going on in the capital markets it is going to be very difficult."
Source: Green Car Advisor, Image: Th!nk