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Automobile industry

Think Electric Car Company Revives Amidst Electric Vehicle Market Frenzy

Strategic Insights

— 2 min read

Think Electric Car Company, formerly owned by Ford Motor, is reviving its operations after halting production in the wake of the global economic crisis. The company has obtained new financing and announced plans to begin selling electric drivetrains powered by lithium-ion batteries from EnerDel. Think's first big customer is the Japanese postal service, which will convert some of its 22,000-vehicle fleet to electric drive.

Key Takeaways:

  • Think Electric Car Company is reviving its operations after halting production in 2009 due to the global economic crisis.
  • The company has obtained new financing and will begin selling electric drivetrains powered by lithium-ion batteries from EnerDel.
  • Think's first big customer is the Japanese postal service, which will convert some of its 22,000-vehicle fleet to electric drive.
  • Think's CEO, Richard Canny, is an Australian-born former Ford executive who is leading the company's efforts to expand its presence in the electric vehicle market.
  • Think plans to build an American assembly plant in 2010 with the help of a U.S. Department of Energy loan guarantee, but the exact location is still to be determined.
  • The company's researchers are tweaking the programming of its City electric car to raise its top speed from 100 km/h to 110 or 120 km/h to prepare it for American highways.
  • Think's North American operation plans to initially sell or lease the City to corporate fleets and seed the car in select markets through car-sharing services like Zipcar.
  • Development of Think's potential competitor to the Nissan Leaf, the Think Ox, has been postponed due to lack of capital and unready battery technology.
  • Think's focus in the near future will remain on Europe, where small urban runabouts are popular and government incentives have led to deals to sell the City in Austria, the Netherlands, and Spain.

Statistics:

  • The Think City electric car has a range of 180 kilometers.
  • The Nissan Leaf has a range of 160 kilometers and a top speed of 140 kilometers per hour.
  • Think's Japanese postal service customer has a 22,000-vehicle fleet that will be partially converted to electric drive.
  • Think's North American operation plans to initially sell or lease 100-200 City electric cars to corporate fleets and car-sharing services.
  • EnerDel, the lithium-ion battery manufacturer, will supply Think's drivetrain business.

Sources:

  • An interview with Think CEO Richard Canny during the weekend.
  • A statement by Think's North American operation regarding its plans for the City electric car.
  • A news article from a major financial newspaper detailing Think's revival plans.
  • A press release from EnerDel announcing its partnership with Think.
  • A statement from the U.S. Department of Energy regarding the loan guarantee application.

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