Feeds

Electric car maker in 'urgent financial distress'

Th!nk goes cap in hand to govt

Application security programs and practises

'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.

Build a business case: developing custom apps

More from The Register

next story
Asteroid's DINO KILLING SPREE just bad luck – boffins
Sauricide WASN'T inevitable, reckon scientists
BEST BATTERY EVER: All lithium, all the time, plus a dash of carbon nano-stuff
We have found the Holy Grail (of batteries) - boffins
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
Boffins discuss AI space program at hush-hush IARPA confab
IBM, MIT, plenty of others invited to fill Uncle Sam's spy toolchest, but where's Google?
Famous 'Dish' radio telescope to be emptied in budget crisis: CSIRO
Radio astronomy suffering to protect Square Kilometre Array
Bad back? Show some spine and stop popping paracetamol
Study finds common pain-killer doesn't reduce pain or shorten recovery
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
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.
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.
Securing Web Applications Made Simple and Scalable
Learn how automated security testing can provide a simple and scalable way to protect your web applications.