Usually an electric car costs you the price of a house or a sports car, but that's all about to change now. The car, named Think City, is a two-seater with a top speed of about 65 mph, the company said. It runs on sodium batteries and is 95 percent recyclable. An electric car goes 110 miles without a charge and costs less than $25,000. The company, Think Global, announced Monday that two venture capital firms with Silicon Valley roots are funding the U.S. operation: RockPort Capital Partners, and Kleiner, Perkins, Caufield & Byers. Think North America is likely to be based in Southern California and the cars will be assembled locally, the partners said.

Ford Motor Co. owned Think for five years, leasing vehicles in the U.S. before selling the company in 2004. Only a few major automakers, including Nissan Motor Co. and Mitsubishi Motor Co., have announced plans to make all-electric cars. They intend to put the first model on the market by the end of 2009.

Source