|
 |
Apr-22-2008Electric car for the masses to be made in Southern California(topic overview)
CONTENTS:
SOURCES
FIND OUT MORE ON THIS SUBJECT
The Norwegian company plans to start selling its small Think City car on the other side of the Atlantic in 2009. Oslo, Norway's Think Global announced today that it plans to bring its compact Think City electric vehicle to the North American market. The company, which expects to start selling the car on the other side of the Atlantic in 2009, said it formed Think North America in partnership with its investors RockPort Capital Partners and Kleiner Perkins Caulfield & Byers. "The Think City is the world's only crash-tested and highway-certified electric vehicle and is ideal for markets such as California where we will initiate demonstration projects offering an exceptionally safe and fun car to drive," said Jan-Olaf Willums, CEO of Think Global. [1] OSLO, Norway & PASADENA, Calif.--( BUSINESS WIRE )--The Norwegian electric car producer Think has reached across the Atlantic and established TH!NK North America in partnership with the leading clean-tech investors RockPort Capital Partners and Kleiner Perkins Caulfield & Byers.[2]
Norwegian electric car producer Think said Monday it established a North American partnership with clean-tech investors RockPort Capital Partners and Kleiner Perkins Caufield & Byers. RockPort and Kleiner Perkins both have offices in Menlo Park.[3]
Norwegian electric car maker TH!NK has joined with two American technology investors to reestablish TH!NK in the North American market. Prior to its involvement with the two American investment firms, Kleiner Perkins and RockPort Capital, TH!NK had a previous stint in the U.S. under Ford ownership from 1999 until 2002.[4]
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 Think Global, a Norwegian electric car maker.[5] Kleiner's venture with Boston-based RockPort Capital Partners and electric car maker Think Global of Norway plans to start marketing Think City in the U.S. starting late in 2009. He said Think City will be priced below $25,000.[6] Kleiner Perkins Caufield & Byers, along with RockPort Capital Partners, said Monday that it will create a company to start selling Think Global's tiny battery-powered cars in the United States sometime in 2009.[7] Ray Lane, the managing partner of Kleiner Perkins Caufield & Byers, is about to announce some news. (He's up on stage with Jan-Olaf Willums, CEO of Think Global AS, and Wilber James, managing general partner of RockPort Capital Partners.)[8] SAN FRANCISCO, April 21 (Reuters) - Venture capital firm Kleiner Perkins Caufield & Byers hopes for sales of as much as 50,000 of its Think City all-electric cars per year in two or three years' time, a senior Kleiner executive said on Monday. "It's a mass market vehicle," said Ray Lane, a managing partner at Kleiner and chairman of Think North America, a joint venture announced earlier on Monday.[6] Oslo-based Think said venture capital firms RockPort Capital Partners and Kleiner, Perkins, Caufield & Byers had made investments to fund its entry into the U.S. under the auspices of Think North America. "This is not a toy," said Wilber James, RockPort managing partner. "This is a serious car that we expect to sell."[9]
Ray Lane, a Kleiner managing partner and chairman of Think North America, said the company hopes to sell 30,000 to 50,000 cars a year within a couple of years. "It's the only electric vehicle we're aware of ready for mass production and scale up because it's been crash-tested in European and U.S. markets," he said.[10] Ray Lane, a Kleiner Perkins managing partner and chairman of Think North America, said the group is focusing on "the first highway-capable electric vehicle intended for mass production, representing a big step toward a zero emission transportation industry."[3] Ray Lane, a Kleiner Perkins Managing Partner and Chairman of TH!NK North America, said, " The transportation industry is undergoing its largest transformation since Henry Ford built the Model T. Today we are witnessing a seminal event the first highway-capable electric vehicle intended for mass production, representing a big step toward a zero emission transportation industry[2]
Kleiner Perkins is betting that high gasoline prices and increased concern about the environment mean the time is right to reintroduce the cars in the United States. "The transportation industry is undergoing its largest transformation since Henry Ford built the Model T," Kleiner Perkins managing partner Ray Lane said in announcing the partnership with Think Global and RockPort at a green business conference in Pasadena. The new car, he said, represents "a big step toward a zero-emission transportation industry."[7]
Kleiner Perkins is teaming with Boston-based RockPort Capital Partners and electric-carmaker Think Global to create a company called Think North America.[10] Global consumer demand is forcing the industry to come up with sustainable solutions, including the development of zero emission vehicles, " said Wilber James, a Managing General Partner of RockPort Capital Partners and acting President of TH!NK North America.[2]
Think Global's electric car, TH!NK city, is an environmental vehicle that is emission free and 95 percent recyclable. It reaches a top speed of 100 km (65 miles) per hour and can drive up to 180 km (110 miles) on a single charge. [2] The cars, whose bodies are primarily recyclable plastic, can reach a top speed of 65 mph and go 110 miles on a single charge, according to Think Global. Think has been gaining traction in its native Norway, despite stalling in its efforts to get into gear in America and elsewhere.[7] The Think City, currently manufactured in Norway, has a top speed of about 65 miles an hour and can run for up to 110 miles on a single charge, according to Think Global.[1]
The company makes the Think City, a modified version of an all-electric car originally developed by Ford. It can go 65 miles per hour at top speed and 110 miles on a single charge. It's not for freeway jockeys--instead, it's targeted at those living in urban cores who take relatively short jaunts and can charge the car up a night.[11] The battery-powered Think City will be able to travel up to 110 miles on a single charge, with a top speed of about 65 mph, the company said. It will be priced below $25,000.[9]
Think produces a vehicle that is emission free and 95 percent recyclable, reaching a top speed of 65 miles and able to be driven up to 110 miles on a single charge.[3] TH!NK city is an environmental vehicle that is emission free and 95 percent recyclable. It reaches a top speed of 100 km (65 miles) per hour and can drive up to 180 km (110 miles) on a single charge.[2]
TH!NK city meets all European and U.S. federal motor vehicle safety requirements. At the Geneva Motorshow earlier this year, Think announced a strategic partnership with energy giant General Electric, also an investor in Think. At the show, Think unveiled its future car, the TH!NK Ox, the first 4/5-seater fully-electric vehicle which is slated to begin production in 2010/11. [2] The City will compete against a raft of three-wheeled town cars coming to market over the next few years. Think started shipping the vehicles in Norway late last year, and this year the cars will start to be exported to France, Switzerland, and other Scandinavian countries. Think CEO Jan-Olaf Willums announced the North American push at the Fortune Brainstorm Green conference in Pasadena, Calif., on Monday, but for the last few years at various events he has been talking about coming to the U.S. around 2009. This announcement offers some grounds for optimism. Electric car companies have big hurdles to jump through to get to market, so the statement that the cars will start to go on sale in the U.S. next year--a few test vehicles will likely come to the states later this year--means that the company believes it has already achieved some major milestones. (Think, for instance, had to find new battery suppliers last year after Tesla Motors canned its battery group.)[11] According to Lane and Think Global, the car is the only crash-tested, highway-certified electric vehicle that's ready for mass production. General Motors last year unveiled its electric-gas hybrid car, the Volt, but hasn't said when it hopes to start selling the vehicles. Other Detroit automakers also are working on electric cars, as are startups such as Tesla Motors and Fisker Automotive, both based in California. Think says 1,200 of its cars are on the road in Norway. It is expanding its assembly plant near Oslo and plans to produce as many as 10,000 cars per year.[7] Norway's Think Global will begin selling its inexpensive, eco-friendly vehicles in the U.S. next year. Norwegian automaker Think Global said Monday it planned to sell low-priced electric cars to the masses and will introduce its first models in the U.S. by the end of next year.[9]
" The TH!NK city is the world ' s only crash-tested and highway-certified electric vehicle and is ideal for markets such as California where we will initiate demonstration projects offering an exceptionally safe and fun car to drive, " said Jan-Olaf Willums, CEO of Think Global[2] Think Global said Northrup is an electric vehicle veteran and has worked for Bombardier Motor, as well as for Ford Motor (NYSE: F ) when it previously owned the Think brand.[1]
Last month, the electric car maker got a boost from Fairfield, Conn. -based General Electric (NYSE: GE ), which invested $4 million in Think Global (see GE invests $24M in electric car technology ).[1] GE also poured more than $20 million into A123Systems, a Massachusetts-based battery supplier, which has signed a supply agreement with Think Global. Think Global named Vicki Northrup as operations manager for Think North America, and said she would initially be based out of the new unit's Menlo Park, Calif., office.[1] As part of the investment by Kleiner Perkins and RockPort, it will open an office in Menlo Park, Calif. Lane will become chairman of the new Think North America.[7] "In a couple of years, we hope to be selling 30, 40, 50,000 cars per year," said Ray Lane, a Kleiner managing partner and chairman of Think North America.[5] The Think City "is a mass-market vehicle," said Kleiner managing partner Ray Lane, dismissing comparisons to the Roadster. Tesla's car is being produced in relatively small numbers, with roughly 300 expected by the end of this year. "Our desire is to be selling 30-40-50,000 of these cars in a couple of years."[9]
Now made in Norway, the Think City about the size of a Toyota Yaris or Honda Fit runs on sodium or lithium batteries and can travel up to 110 miles on one charge, making it viable for the average American, who commutes 30 miles a day. "This is not a toy, this is a serious car that is able to be mass-produced and sold," said RockPort managing partner Wilber James.[10]
The joint venture's first product will be Think City, an emission-free, 95 percent recyclable car with a maximum speed of 65 miles an hour.[5] The model that Think plans to sell in the United States, called Think City, is emission-free and made from materials that the company says are 95 percent recyclable.[7]
Plans call for a U.S. launch next year. Lane said he expects the Think City, which will be priced under $25,000, to compete with Toyota Motor Corp's popular Prius hybrid.[5] The recently-established business collaboration seeks to bring TH!NK's newest City electric compact car to the U.S., where it has already completed the necessary stringent federal safety regulations. Until recently, TH!NK's sales operations have been focused solely on the Norwegian market, where electric vehicles are popular and enjoy many government-sponsored perks, with future plans to sell their vehicles in other Scandinavian countries in the coming years.[4] If everything goes as planned, look for TH!NK's City electric vehicle to hit U.S. streets next year.[4]
Due in part to the then uncertain electric vehicle market and poor sales, Ford ceased production of TH!NK's first generation City model after a 1005 unit production run.[4] Although technology for electric cars has been advancing -- and consumer interest has been rising amid growing concern over gasoline prices and greenhouse gases -- few vehicles have come to market. Last month, San Carlos, Calif. -based Tesla Motors began production of its Roadster, an electric vehicle that costs $100,000.[9] Ford Motor Co. was the longtime owner of Think but sold it in 2003. It was purchased by Norweigan investors two years ago, and began selling cars in Norway this year, with sales in Sweden, Denmark and Britain expected this year. The company said its annual production capacity in Europe is 10,000 vehicles.[9] Six years ago, Ford Motor Co. gave up on trying to sell Think electric cars in America after investing more than $120 million in the company. Since its founding in 1991, Think and its predecessor companies have had four owners, and all have struggled.[7]
SAN FRANCISCO (Reuters) - One of Silicon Valley's most prominent venture capital firms unveiled plans on Monday to put as many as 50,000 electric cars on American roads beginning late next year. The announcement of a new joint venture by Kleiner Perkins Caufield & Byers, which has in the past backed Internet companies such as Google Inc and Amazon.com Inc, could make the famed tech region south of San Francisco a mecca for plug-in cars as well.[5] Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers is joining with another clean-technology-focused venture capital firm and a Norwegian company to bring electric cars to the USA.[10]
PASADENA, Calif. -- The venture capital firm that funded the creation of Google Inc. and Amazon.com Inc. is now trying to jump-start a Norwegian electric car company that has struggled to get off the starting line.[7]
Two capital firms are hoping to start selling Think Global cars in the United States next year. [7] The company ended up in the hands of a Norwegian investment firm and was renamed Think Global.[4]
The two-seater has an option to add two more seats for children up to 14 years of age, Think Global CEO Jan-Olaf Willums said.[10]
Think Chief Executive Jan-Olaf Willums said the company would bring test vehicles to the U.S. in the coming months.[9] The all-electric Think City car enjoys an urban time-out before heading to the U.S. in 2009.[11] Think City would be a low-end rival to Tesla Motors' high-profile Roadster, the all-electric luxury sports car also made in Silicon Valley that began regular production last month after several delays.[5]
Series production of the newly designed TH!NK city car started late last year and the first cars will be delivered to Norwegian customers. The capacity of its first assembly plant in Aurskog, outside Oslo, is presently being increased to 10,000 cars per year.[2]
" We are proud to partner with the two pioneering investors in the clean tech field and to launch TH!NK city in North America with them[2] Think North America is likely to be based in Southern California, the investors said, and the cars it sells here will be assembled locally.[9]
Vicki Northrup, an electric car veteran, has been retained by TH!NK North America as Operations Manager and will initially be based out of TH!NK North America ' s Menlo Park office.[2]
The new venture was announced at the 2008 FORTUNE Brainstorm Green Conference held in Pasadena, California, that brought chief executives from all over North America together to talk about the business opportunities of " going green[2]
If demand is strong, the partners say, a U.S. manufacturing plant is a possibility. The company did not say how much the cars would cost in America, but company officials have previously said they want to be able to sell them for less than $20,000. [7] The company is negotiating with U.S. utility companies on potential tie-ups that could involve setting up "fueling stations" to charge the cars, following similar models in Europe, the executives said, without disclosing details.[10]
The city averages a 110 mile range between charges and can attain a respectable 65 mph top speed.[4] A slightly higher top speed and slightly longer range would have me interested. I'm sure as electric technology progresses, these issues will be addressed.[4]
The latest TH!NK city is the fifth-generation electric vehicle that has been produced in Norway. [2] TH!NK city meets all European and U.S. federal motor vehicle safety requirements.[2]
The company has more than 17 years of experience in developing and producing electric vehicles and there are about 1,200 vehicles driving on Norwegian roads today. [2] Ah. Hundreds of the cars will reach the states this year, mainly for use in fleets. After that they'll be offered to consumers, first in California.[8] The car is expected to compete against standard economy cars, so expect a price of $35,000 or less. Think also has toyed with the idea of leasing batteries to customers for a fee and then selling them the car for less.[11] Enthusiastic owners with the vision and resources want to make Think the " car company of the 21st century[2]
The City's battery now takes about three hours to recharge if plugged in daily, or eight hours if the battery is drained. Kleiner, known for backing companies such as Google and Amazon, was attracted to the joint venture because the Think City could be sold in big numbers.[10] Kleiner Perkins Caulfield & Byers ( http://www.kpcb.com ) is leading the venture community to invest in and accelerate Green technology solutions and policy innovations.[2] Investors in the company--Kleiner Perkins Caufield Byers and Rockport Capital Partners--will help with the effort.[11] RockPort Capital Partners, founded in 2000, is one of the pioneering Cleantech/Greentech VC funds and focuses exclusively on the Energy and Power, Advanced Materials and Process and Prevention technology sectors.[2]
SOURCES
1. Think electric cars coming to North America | Cleantech.com
2. Kleiner Perkins and RockPort Capital, Two Leading U.S. Cleantech Investors, Launch Joint Venture with Norwegian Electrical Vehicle Company Think
3. Kleiner Perkins joins electric-car venture - Silicon Valley / San Jose Business Journal:
4. TH!NK again when buying your next electric vehicle | Automotive News Blog - Wide Open Throttle
5. Calif. firm hopes to kickstart U.S. electric car era | Environment | Reuters
6. Kleiner hopes for 50,000 electric car sales a year | Markets | Markets News | Reuters
7. Tiny electric cars gets big backers
8. Fortune Brainstorm Green: breaking news | Gristmill: The environmental news blog | Grist
9. Electric car for the masses to be made in Southern California - Los Angeles Times
10. Venture capital firms back electric cars - USATODAY.com
11. Think to bring all-electric cars to U.S. next year | Green Tech blog - CNET News.com
GENERATE A MULTI-SOURCE SUMMARY ON THIS SUBJECT:
Please WAIT 10-20 sec for the new window to open...
You might want to EDIT the default search query below:
Get more info on Electric car for the masses to be made in Southern California by using the iResearch Reporter tool from Power Text Solutions.
 |
|  |
|
