Electric town car's launch paved with $60 million more

Norway's Think Global has received $60 million more in advance of the launch of its electric town car later this fall.

The company hopes to resurrect an electric town car created and later abandoned by Ford. Ford spent over $50 million designing and testing the car. The company will release the car in Norway and England in the fall and perhaps bring it to the states in 2008.

Think already raised $25 million. New investors include Rockport Capital Partners and DFJ Element.

Think's car won't be for everyone. Although it can be driven at freeway speeds, it has a range of about 110 to 130 miles. Recharging the battery takes about six to seven hours, said CEO Jan Olaf Willums earlier this year.

"We don't manufacture a car that will go from San Francisco to Lake Tahoe. You can have another car for that. We will give you the best car from San Francisco to Palo Alto (a distance of about 30 miles)," he said.

But, oops, there's the price. Batteries cost a lot. Willums told VentureWire (subscription required) this week that the price of the car will be about $35,000 and consumers will have to lease the battery pack on top of that for $100 to $150 a month. So basically, Think will be selling a car that costs $10,000 or so more than a Toyota Camry (not including the monthly battery lease) that will get you from San Francisco to San Jose for a quick meeting, but may not get you back. That is, unless you can unplug a Coke machine and charge the car while you're down there.

The $35,000 price is also higher than earlier estimates. Back at the Cleantech Forum in February, Willums indicated in a quick conversation with me that the price, not including the battery lease, would be closer to $20,000, though he was vague on pricing.

Willums, though, has said that the lower operating costs and tax incentives will erode any pricing delta.

Think will buy batteries from Tesla Motors, which will come out with its electric sports car later this year. Tesla and Zap Motors are also concocting electric sedans that will play in a similar market as Think's car. But these companies, as well as others, are wrestling with the cost of the batteries.

[svar]

Not created by Ford...

If my memory serves me right, Ford was the 3rd owner, buying into an existing design and production line.

[open-mind]

The Tucker ... Again.

It seems interesting how small startups are creating EV options that appear to be better than what any of the big automakers are willing to produce. Very similar to the Tucker story.

It's just going to take a while before the battery technology/supply catches up enough to make EVs viable for most people. I would think the high cost of the batteries could be partially offset by not needing a high-cost IC-engine/transmission. Not to mention the reduced maintenance costs. But that rarely seems mentioned.

If I were designing an electric car, I would design it to run with a variable number of owner-replaceable cells. Then you could buy only as much capacity as you need, as well as have extra capacity charged and ready-to-go in your garage.

Last night, I saw "Who Killed The Electric Car" on cable. Very interesting documentary IMHO.

[wildchild_plasma_gyro]

How the computer industry kills people

First the 5 angles of death

Mac OS
A wholistic creation tool where timing for it's areas of the market in terms of further development is essential. Functionality of this with regards to its market is essential.
Mac also is working its way into the little home consumer too, which is a market thats anyones game, yet all claim as theirs, kind of like how everyman thinks hes the god of women for some reason.

Windows
A PC solution for all the needs that the technician can use and the secutary can use and that people can dream of experimental stuff with.
Oh and yes microsoft think they own the consumer too what a suprise because if you asked rupet murdok then he'll tell you they all belong to him. Infact the only person who dosen't want to own the consumers is the lowely consumer instead he wants to own the business (now theres something psychological a university graduate might want to study).

Linux
Offers a alternative setup with the ability to work better with interest groups.

IBM
An essential group called GOD who just like most Gods are unapreciated.

SUN
A Wanna be GOD filling gaps where God missed.

sounds perfect dosen't it
so how do you die.
you buy a Mac and want to do more
so you get into microsoft and can't handle it because it's too experimental for you.
then you cry out too the linux community and they are so slow you cry to God.
God responds and you feel humiliated.
Leaving you skint and dreaming for the sun.
the sun pops up and you fry because you could'n afford any sun cream.

Eventually you get picked down and left for dead by mr mudok who woulden't trully know what computers are about even if china decided blast all the satalites out the sky, but he does know how to pay up to god and deal with you after the industry has finnished with you.

the hidden moral
you will and always will need more education.
Or you must buy and become obsessed with those PS3's and do some essential low key job.

[adot44]

Coke machine?

I've an idea, why don't we make the entire metal surface of the car covered in solar paneling, or at least as much as possible? Is that possible? And instead of a gold-foil sunshade, use a segmented solar panel sunshade! Aren't I a genius? Now someone go invent that, then our Cokes can stay cold.