UUSIKAUPUNKI, Finland – Electric car maker Think, which has been rescued from collapse three times in its 19-year history, expects to be profitable by next year.
Think CEO Richard Canny said during a press event here that the Norwegian company will produce 6,000 units of the City minicar this year and 12,000 in 2011.
When asked whether 12,000 units was the number needed make a profit, Canny said, “It is between 6,000 and 12,000 units.”
He declined to be more specific.
Think invited journalists to Finland last week to test the two-seat electric car -- which is available in markets such as Norway, Austria, Spain and the Netherlands and is scheduled to be produced in the United States starting in early 2011. Journalists also got to see the City assembled at contract manufacturer Valmet Automotive's factory here.
Valmet, which is best known for producing the Porsche Boxster and Cayman, is one of the investors that helped Think to raise $47 million in capital last summer to exit court protection in Norway.
The global financial downturn nearly killed Think, which was owned by Ford Motor Co. from mid-1999 until January 2003 and has struggled since the U.S. firm's departure.
Canny is one of the former Ford executives who is trying to put Think on solid footing. The other is Jan Brentebraten, Think's marketing, sales and service director.