Tiny electric car maker Think Global AS filed for bankruptcy Wednesday in its home market of Norway after attempts to keep the company going through recapitalization and restructuring failed, the company said in a statement. It is the fourth time Think has collapsed financially in its 20-year history.
"We needed some additional funding and although we had interested investors they were not able to come to the table quickly enough," Think spokesman James Andrew told Automotive News Europe.
He declined to say how much cash Think sought to remain operating, but industry sources say the company would have needed multiple millions to keep going.
The future options for Think include a liquidation of its assets or the sale of the company to a new investor.