THINK motors to Asia / News / The Foreigner

THINK motors to Asia. Norway’s THINK Holdings and Japanese ITOCHU Corporation have signed an agreement to bring the THINK City further on in Asia. ITOCHU is to invest in THINK’s electric vehicles (EVs) and the correspondent Drive Systems and will have the exclusive right to sell their products that are made in Japan on both the Asian and Japanese markets, according to a press release from ITOCHU. In a earlier press release, THINK writes both companies have been collaborating on trial projects since 2009, when they developed the lithium-ion battery in association with Ener1 Inc. Amongst others, both companies successfully electrified a fleet of Mazda 2 cars, in which ITOCHU is a minor stakeholder.

think, city, itochu, asia, japan, electric, vehicles, cars, sales, marketing, agreement, mazda



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THINK motors to Asia

Published on Friday, 23rd July, 2010 at 12:28 under the news category, by Ramona Tancau.

Norway’s THINK Holdings and Japanese ITOCHU Corporation have signed an agreement to bring the THINK City further on in Asia.

TH!NK City car
TH!NK City car
Photo: TH!NK


ITOCHU is to invest in THINK’s electric vehicles (EVs) and the correspondent Drive Systems and will have the exclusive right to sell their products that are made in Japan on both the Asian and Japanese markets, according to a press release from ITOCHU.

In a earlier press release, THINK writes both companies have been collaborating on trial projects since 2009, when they developed the lithium-ion battery in association with Ener1 Inc. Amongst others, both companies successfully electrified a fleet of Mazda 2 cars, in which ITOCHU is a minor stakeholder.

"The partnership was already in place informally, as seen in the success we have had in ventures [...]," Okafuji Masahiro, ITOCHU Corporation President and CEO said.

THINK CEO Richard Canny added: "This strategic alliance represents more than selling the THINK City in Asia; [...] ITOCHU's involvement as an industry heavyweight only can only accelerate the growth of this new business line in new and exciting ways.”

Having developed and manufactured EVs for almost two decades, THINK already has a fairly good market share in both Europe and the US, and ITOCHU predicts the company will be selling approximately 22,000 EVs a year by 2012.  

European production of THINK City takes place in Finland in partnership with Valmet Automotive, with its newest production base in the US being situated in Indiana.



Published on Friday, 23rd July, 2010 at 12:28 under the news category, by Ramona Tancau.

This post has the following tags: think, city, itochu, asia, japan, electric, vehicles, cars, sales, marketing, agreement, mazda.





  
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