Ford Motor Enters Agreement to Obtain Majority Interest in Pivco

Ford Motor Co. (Detroit) has entered into an agreement to obtain a majority interest in Pivco Industries (Norway), the manufacturer of the two-passenger TH!NK electric city car, which debuted last October. Ford plans to assist Pivco in the introduction of TH!NK in Finland, Denmark, Norway and Sweden before the end of 1999. The company also has plans for a further developed TH!NK to be sold in North America in the future. "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," stated Jac Nasser, Ford president and CEO. "Pivco's unique approach in developing an innovative plastic-bodied electric city car adds another dimension to Ford's electric vehicle program."