Ford reTHINKs strategy

Plans by Ford to sell its Think Nordic electric battery-powered car business are being hailed as a further vote of confidence in hydrogen fuel cell technology as the way forward for the global automotive industry. The blue oval is selling Think to Kamkorp, a Singapore electronic, engineering and property group for a figure thought to be considerably lower than the £14m it paid for it in 1999.

Ford has already invested upwards of £62m in the Think project - which also had the backing of the Norwegian Government. The move forms part of Ford's global debt-reduction plan as well as delivering on its strategy of concentrating on the development of hydrogen fuel technology.

In August Ford said it was pulling the plug on the Think program after disappointing sales and lack of government support for electric vehicle programs reduced its mass market viability.

Think's Oslo plant has the capacity to produce 4000 cars a year, but only about 1000 have been sold. More than 1000 workers at the plant have been laid off since Ford announced it was to sell the business.