Th!nk to Build in Elkhart, Indiana USA

[evmavin]

Think has decided on a plant location in the US. Exciting News!

http://green.autoblog.com/2010/01/05/officially-official-think-will-build-city-electric-car-in-elkh/

[NeilBlanchard]

Yes, this is good news. Elkhart, IN has a particularly high unemployment, and many of those people used to work making RV's. Also, we apparently will be able to buy the Th!nk City in the USA before this factory gets up and running.

[speculawyer]

Congratulations to the hard-working people of Elkhart, Indiana that have been hit particularly hard by this recession. They have one of the highest unemployment rates in the nation.

Now I hope they announce that they will build the Think Open, I think a little electric convertible would be popular here in California.

http://www.thinkev.com/Press-Material/Press-releases/THINK-continues-global-expansion-with-announcement-of-new-U.S.-assembly-facility


THINK continues global expansion with announcement of new U.S. assembly facility

THINK announces today plans to start production in Elkhart County, Indiana and the launch of the THINK City into the North American market.
OSLO, Norway, 5 January 2010

The pioneering global manufacturer of electric vehicles plans to begin selling the THINK City, one of the world’s first highway-capable urban EVs, in the U.S. later this year. The company plans to invest $43.5 million in building improvements and equipment in Elkhart County, and the plant could begin assembling vehicles in early 2011.

THINK’s investments in Elkhart County will support manufacturing capacity for more than 20,000 vehicles a year. The company started delivering the latest generation of its THINK City model to customers in Europe last month.

The THINK City is a purpose-built, all-electric car designed for urban environments. It can travel at highway speeds for more than 100 miles on a single charge with zero local emissions. It is the world’s first EV to be granted certification with the European CE conformity mark and EU homologation requirements (M1 certificate). To achieve these exacting standards, the THINK City has been through extensive testing and validation and several hundred computer simulations and correlations.

European production of the THINK City is already underway in Finland with manufacturing partner Valmet Automotive, which also assembles the Porsche Boxster and Cayman models for Porsche AG. Production will continue at Valmet Automotive to support European market demand, where sales have begun in selected key EV markets such as Austria, Denmark, The Netherlands, Norway, Spain and Sweden.

THINK CEO Richard Canny, said: “We are extremely pleased to announce plans for a second THINK production location today. Things are moving very swiftly for the company in Europe following the start of production in Finland and the subsequent start of sales at the end of last year. Now its time for us to do the same in the North American market – and there’s no better place to start than Indiana.”

He continued: “Indiana is quickly becoming an international leader in advanced, clean technology manufacturing. It’s an industry with a future, and EV’s are right in the center of the convergence of where the auto and energy sectors are heading. We’re proud to be part of this effort to reinvent and reinvest in U.S. auto manufacturing.”

THINK is joining Indianapolis-based lithium-ion battery maker, EnerDel in choosing Indiana for a North American manufacturing location. Ener1, the parent company of Enerdel, is a 31% equity stakeholder in THINK. In addition to incentives provided by the State of Indiana and Elkhart County, THINK plans to utilize funding from the U.S. Department of Energy ATVM loan program to establish its new production facility.

http://www.thinkev.com/var/think/storage/images/press-material/press-releases/think-continues-global-expansion-with-announcement-of-new-u.s.-assembly-facility/11182-4-eng-GB/THINK-continues-global-expansion-with-announcement-of-new-U.S.-assembly-facility_large.gif
Photo: The THINK City in Detroit, where it will appear next week at the North American International Auto Show 2010.

For further information please contact:
James Andrew
t: +44 7772 534985
e: james.andrew@thinkev.com


About THINK:
THINK is a pioneer in electric vehicles and a leader in electric vehicle technology, developed and proven over 19 years. It is one of the few companies that has a ‘ready-to-market’ fully electric vehicle – the THINK City. With its market-leading range, driveability and recyclability, the THINK City is the first vehicle of its type to be granted pan-European regulatory safety approval and CE certification.

THINK is also a leader in electric drive-system technology, and was the first to offer a modular and flexible EV drive-train solution in the business-to-business sector. With its Scandinavian origins and sustainability mindset, THINK is one of the most carbon efficient car companies in the world.

The Think Open:
http://thinkev.com/var/think/storage/images/press-pictures/picture-gallery/photos/th!nk-i-open-i/think-open-1/2548-3-eng-GB/Think-open-1_imagelarge.gif

[speculawyer]

Oh, BTW, I called it!
http://i87.photobucket.com/albums/k153/speculawyer/thcolbertcalledit.gif

The Newshour on PBS also did a good piece about Elkhart Indiana (http://www.pbs.org/newshour/bb/business/jan-june09/elkhart_03-06.html). And a move to an EV industry is what also came to my mind.

But instead of Aptera, I think Th!nk may be a better fit. (I love using the word 'think' in sentence about Th!nk to make them sound silly. :jumping0001: ) As I mentioned in another thread, Th!nk announced plans for a USA based factory (http://www.apteraforum.com/showthread.php?t=2416). Eight states are under consideration but I'd guess Indiana is one of them. I think it would make a good fit since a prime supplier for Th!nk is Indiana based Enderdel. In fact Th!nk is only operating right now due to financing from Enderdel. And as you point out, Elkhart has manufacturing talent in desperate need of jobs. Then add in the fact that the Obama administration is making an EV push with the fact that Evan Bayh, a Democratic Senator from Indiana with close ties to Obama, is one of the guys behind the EV & battery making pushes. (http://www.autobloggreen.com/2008/12/24/senator-evan-bayh-proposes-1-6b-investment-in-battery-manufactu/)

So, a Th!nk plant getting money from the stimulus package opening in Elkhart that puts Indiana made Enerdel batteries in those cars seems like a good possibility. We'll see in the next few months if this happens. I think there is a strong probability of it. We'll see if I'm right.
http://www.apteraforum.com/showthread.php?p=29831#post29831

[NeilBlanchard]

http://electricaid.ning.com/profiles/blogs/thnk-holds-track-record-for

Direct link to Dutch video: http://www.flickr.com/photos/think_on_tour/4398234206/

[NeilBlanchard]

The Th!nk City *might* be sold for under $20K (but with a $90/month battery lease):

http://green.autoblog.com/2010/03/30/think-details-its-plans-to-let-its-simple-bold-electric-cars-c/

[aptera1213]

Yeah, I th!nk they will reth!nk that. You don't get the rebate that way, or so I've heard.

I hope they can sell it for 27000 or less with the battery so the price is under 20k with the rebate.


Gavin

[NeilBlanchard]

Here's great news -- they plan on producing 300 Th!nk City cars in Elkhart this year!

http://evworld.com/news.cfm?newsid=24433

http://www.etruth.com/Know/News/Story.aspx?ID=528772

Many more to come early in 2011, too!

[NmGfan]

Looks like there have been 100 Th!nk City's sold in the USA for $41K!! All built from kits shipped to Elkhart Indiana from Valmet in Finland. Shouldn't somebody chime in with a statement like "They should be selling them for under $20K!".

In January, the car maker told Ener1 not to ship it any more lithium-ion battery packs until it "rebalanced" its sales.

:happy0025:

http://www.allcarselectric.com/blog/1057531_can-think-really-sell-enough-41000-city-electric-cars-in-u-s

[NmGfan]

Looks like Enerdel is writing off their Th!nk investmentEarlier this year, Ener1 reported a widening first-quarter loss tied to a $59.4 million impairment charge due to the stalled operations of its electric vehicle partner. Faced with widening losses, Ener1 decided to write-off its entire investment in Think, essentially ending its nearly four-year-long partnership with the automaker. According to The Street, Ener1's regulatory filing reads, in part:

"On May 9, 2011, we surrendered to Think Holdings, for no consideration, all shares of Think Holdings' voting equity held by Ener1...based on our determination that our investment in Think Holdings was impaired and written down to zero."

Ener1 held a 31-percent equity stake in Think Holdings, which it has now given back to the company. What an abrupt end.

"Ener1 had all its automotive eggs in one basket and it dropped the basket. It was a major owner of Think Global and the only large scale automotive customer.... While management believes Think will come back, we doubt it will ever fully recover. A $30,000 plastic two-seat electric car just isn't going to attract a mass market."


:happy0025:

[NeilBlanchard]

Yes, this is sad to hear. Apparently, something about the Th!nk City design seems to make it expensive to make?

[PatQ562]

Apparently, something about the Th!nk City design seems to make it expensive to make?
Well yes, it's a low volume car with an expensive battery - just like all the other alternative BEVs. Unfortunately, their low-end plastic body finish doesn't fit well with the price that must be charged for such cars. The kind of people interested in other low volume expensive cars like Lotus or Morgan want something striking and beautiful to impress their friends.

Pat Q

[NmGfan]

When Ener1 abruptly ended its four-year-long deal with Think Global, saying that its investment was "impaired," we had reason to worry. Now comes word that the struggles continue to mount at Think Global and that the automaker has filed for bankruptcy. Again.

According to a statement released by Ener1, Think Global will liquidate its assets in an attempt to pay back its creditors. Apparently, Ener1 has stepped in and is currently in charge of recovering some $32 million in unpaid loans and accounts receivable from Think Global.

Ener1 spokesman Brian Sinderson, told the Indiana Business Journal that "the amount [Ener1 is owed] could change based on the extent to which funds are recovered as a result of the liquidation of Think Global."

So, what happens next? At this point, Think has only been in bankruptcy for a few hours and it is far too early to tell. The first step is for the appointed trustee to put Think's assists up for sale. The profits from this sale, if any, will go to the creditors, of which Ener1 is the largest one. Someone could come in and buy up Think and move forward with trying to reduce the cost of the car. This would make Ener1 happy, since it is trying to get the $35 that Think owes it and could maybe even continue to supply batteries to the new owners. Ener1 disclosed the $35 million charge to the SEC yesterday, and of that $35 million, $14 million were receivables for Ener1 that was written down to zero. When you know that the Think's battery pack costs $17,000, you can do the math to find that Think effectively got around 823 battery packs for free. Even then, it could not make money selling the cars.

:happy0025: