Ford in Deal to Sell Electric Car Unit

Terms of sale to Fraser Nash unit undisclosed.

Published: 20-Dec-2002

ON, Dec 20 (Reuters) - Ford Motor Co. F.N on Thursday said it had agreed to sell its Think electric vehicle division to global electronics and engineering firm Kamkorp after its move earlier this year to dump the unit due to poor demand.

The world's second largest car maker paid $23 million in 1999 for the Norway-based electric vehicle company Pivco Industries, renaming it Think or TH!NK.

It has invested $100 million in the technology, in response to environmental regulations on fuel economy and emissions.

Like most of its rivals it has switched to the development of vehicles powered by hydrogen fuel cells.

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