Feeds

Electric car maker in 'urgent financial distress'

Th!nk goes cap in hand to govt

Bridging the IT gap between rising business demands and ageing tools

'Leccy Tech Anyone who fancied getting hold of a Th!nk Ox may need to think again. The Norwegian 'leccy car maker is suffering from what it calls "urgent financial distress" and is holding out the begging bowl to the Norwegian government.

Th!nk CEO Richard Canny wants between NKr100m and NKr200m ($14.5–29m / £9.5-19m / €10.6-21.2m) to keep the company going, Reuters reports.

Think Ox

Th!nk's Ox: will it be rescued?

In the short term, Th!nk will lay off between half and 70 per cent of its 250-strong workforce, and stop all production. The plan is to re-start production early in 2009.

The aid being sought pales when compared to the SKr25bn Swedish crowns ($3.2bn / £2.1bn / €2.3bn) in credit guarantees and emergency loans the Swedish government has said it will extend to Saab and Volvo. But then again, Th!nk isn't Saab or Volvo.

Th!nk City

Th!nk's City

One Norwegian news source is, however, already reporting that the boys in Oslo have said “nei”.

Back in October, Th!nk rolled up at No. 10 Downing Street to get in on the PR buzz, such as it was, surrounding the British Government's £100m leccy car promotion activities, such as they were. So is this the Curse of Broon - or the curse of building small, plastic leccy not-quite-cars that nobody wants and have questionable crash resistance?

Of course, all this is nothing new. Th!nk has gone tits up twice before, most recently in 2006. But back then the global economy wasn't teetering on the brink of meltdown, so rescue may be a taller order this time around.

Mobile application security vulnerability report

More from The Register

next story
Bad back? Show some spine and stop popping paracetamol
Study finds common pain-killer doesn't reduce pain or shorten recovery
Malaysian Airlines flight MH17 claimed lives of HIV/AIDS cure scientists
Researchers, advocates, health workers among those on shot-down plane
World Solar Challenge contender claims new speed record
One charge sees Sunswift travel 500kms at over 100 km/h
Mwa-ha-ha-ha! Eccentric billionaire Musk gets his PRIVATE SPACEPORT
In the Lone Star State, perhaps appropriately enough
SMELL YOU LATER, LOSERS – Dumbo tells rats, dogs... humans
Junk in the trunk? That's what people have
All those new '5G standards'? Here's the science they rely on
Radio professor tells us how wireless will get faster in the real world
The Sun took a day off last week and made NO sunspots
Someone needs to get that lazy star cooking again before things get cold around here
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.