Think delays U.S. expansion plans to mid-2010

Oslo, Norway's electric car maker Think plans to announce on Thursday details of its aggressive expansion plans in the U.S., including launching a full-speed electric vehicle in 2010, according to Autobloggreen.

The carmaker has rebounded from a financing crisis in late 2008 to resume plans to launch the electric City vehicle in the U.S. in mid-2010.

CEO Richard Canny is expected to talk with government officials about manufacturing the Think City in the U.S.

In December, Think halted production because of money problems: the credit crunch made it hard to raise capital and parts suppliers were demanding upfront payments. Think announced plans to lay off more than half its 250 employees if a funding source wasn't secured by mid-January, estimating it needed about 80 million kroner ($40 million) from the government in the form of loan guarantees, credit or capital (see Think halts electric car production, plans layoffs). 

But in January, Think secured interim financing of NOK 40 million ($5.7 million) to restructure the company, which could allow it to raise permanent equity capital and return to volume production of the Think City vehicle (see Think secures interim financing to restart EV production).

The Think City, which was in production for two months, can reach 65 miles per hour and travel up to 110 miles on a charge. Think had planned to expand to the North American and European markets in 2009, doubling production to 10,000 vehicles a year (see Think electric cars coming to North America). 

But now Autobloggreen reports the car will be delayed a year. The price in North American markets has not been disclosed.

Think Global has raised $85 million to date from DFJ Element, Rockport Capital Partners, British Hazel Capital and CG Capital (see China clean coal IPO). 

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