It was virtually impossible for emerging automakers to forecast how difficult times would get just a few short months ago. Considering that even the best laid business plans must rely in some part on a series of educated guesses and assumptions, it's not surprising that Th!nk Global now finds itself in "urgent financial distress." So dire is Th!nk's future that Chief Executive Richard Canny has not ruled out bankruptcy, suggesting that the Norwegian automaker is in desperate need of help from the government.
The fledgling automaker is being hit hard by increasingly tight supplier demands and is finding working capital tough to come by at the moment, so daily production of the Th!nk City has been temporarily put on hold. Canny says, "The dialogue with the Norwegian government regarding urgent financial distress ... is well established and ongoing." A press conference has been scheduled for later today, so perhaps we'll hear more details in short order. Thanks for the tip, Erland!
UPDATE: looks like a bailout won't happen.