Norwegian firm to sell sub-$25,000 electric cars in US

22 April 2008

Mumbai: Norwegian automaker Think Global plans to mass market low-priced electric cars in the US, possibly by the year-end.

The battery-powered `Think City' will be able to run up to 110 miles (177 km) on a single charge, with a top speed of about 65 mph (104 km), the company said. The car will be priced below $25,000.

Think City, currently being manufactured in Norway, is about the size of a Toyota Yaris or Honda Fit and runs on sodium or lithium batteries. The two-seater has an option to add two more seats for children up to 14 years of age.

The Oslo-based car maker has tied up funds with venture capital firms RockPort Capital Partners and Kleiner, Perkins and Caufield & Byers for investments in a US venture - Think North America. (See:Norwegian electric car company Think forms JV with US clean tech investors, Kleiner Perkins and RockPort Capital)

Think North America, the new joint venture of Silicon Valley's most prominent venture capital firms,  hopes to sell as many as 50,000 electric cars in America beginning late next year.

To be based in Menlo Park, California, Think North America will bring together Kleiner with clean technology-focused venture capital firm RockPort Capital Management and the Norwegian electric car maker Think Global.