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Indiana electric car company gets new owner

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A company that has been making electric cars at a northern Indiana factory has a new owner, giving local officials more confidence in its future.

Think North America spokesman Brendan Prebo said the company's assets are being transferred to the buyer. The company intends to get the necessary auto parts and resume production at the factory in Elkhart in 2012.

Production has been halted there since at least April because of the financial troubles that led Norway-based Think Global to seek bankruptcy protection last month.

Elkhart Mayor Dick Moore said he feels much better about the factory's prospects.

Think started initial production in Elkhart last year. The company planned for the factory to have some 400 workers by 2013 making about 2,500 cars annually, but now has 11 employees on its payroll.

New York-based Ener1 Inc., which engineers and makes batteries in the Indianapolis area at its EnerDel subsidiary, had a $73 million stake in Think, but told investors in May that it would write off its losses.

Think said the court-appointed bankruptcy trustee selected Russian entrepreneur Boris Zingarevich as the winning bidder for the company.

Zingarevich has been a major investor in Ener1 since 2002 and provided bridge funding for Think while the company attempted a reorganization before filing for bankruptcy.

A statement from the company says Zingarevich has signed a memorandum of understanding with Ener1 and Finnish manufacturer Valmet Automotive Inc. to cooperate in relaunching Think. 

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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

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