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TH!NK Electric: Ford Invests in Norwegian Company and Its Acclaimed City Car

6 January 1999

TH!NK Electric: Ford Invests in Norwegian Company and Its Acclaimed City Car

    DETROIT, Jan. 6 -- Ford Motor Company is taking a
major step to jump start the development of affordable small electric
vehicles.
    Ford has entered into an agreement to obtain majority interest in
Norwegian-based Pivco Industries, the manufacturer of the two-passenger TH!NK
electric city car.  TH!NK debuted at the European Electric Vehicle Show in
Brussels, Belgium, last October, to widespread acclaim from the automotive and
environmental press.
    TH!NK is a light-weight, plastic-bodied zero emission vehicle designed for
customers who want an environmentally friendly small car for commuting to and
around the city.
    "The quiet, emission-free TH!NK can meet the needs of urban customers
looking for distinctive, earth-friendly transportation," said Jac Nasser, Ford
president and chief executive officer.  "This car not only will give us
immediate access to a whole new market niche, it will provide a wealth of new
ideas for us to develop.  We are particularly interested in new concepts in
the use of plastic body components, as well as low-volume and flexible
manufacturing."
    Ford will assist Pivco in the introduction of TH!NK in four Nordic
countries (Finland, Denmark, Norway and Sweden) before the end of 1999.  The
company has plans for a further developed TH!NK to be sold in North America in
the future.  Its potential in other markets will be explored as well.
    Pivco has been seeking a global automotive alliance to provide needed
capital and a global marketing network.
    "Ford's interest in our company is a strong recognition of the Norwegian
electric vehicle project," said Jan Otto Ringdal, chairman of Pivco Industries
Ltd.  "This partnership will make possible a global expansion of a new, clean
and purpose-built vehicle for personal mobility in urban areas."
    Ford will continue to sell the Ranger EV, an electric-powered compact
pickup intended primarily for fleet use.
    "The obstacles to profitably selling an electric vehicle will only be
overcome with a combination of out-of-the-box thinking and solid business
fundamentals," said Nasser.  "Pivco's unique approach in developing an
innovative plastic-bodied electric city car adds another dimension to Ford's
electric vehicle program."