September 4, 2002
Ford pulls plug on electric car
Reuters Detroit, September 02
Ford Motor Co. said it was pulling the plug on its Think electric vehicle division due to poor customer demand and lack of government support for the environmentally friendly cars.
Ford paid $23 million in 1999 for the Norway-based electric vehicle company Pivco Industries, renaming it Think or TH!NK, and has since invested $100 million in the technology as a cure to environmental regulations on fuel economy and emissions.
"The bottom line is we don't believe that this is the future of environmental transport for the mass market," Holmes said.
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