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MItsubishi, PSA Finalize Electric Vehicle Agreement
Despite the breakdown of the talks to form alliance, Mitsubishi and PSA Peugeot Citroen has signed a final cooperative agreement for development and supply its i-MiEV electric vehicle to French partner.Under the agreement, production will start in October 2010 and product launch in the European market will be by the end of 2010.
Mitsubishi will supply about 100,000 electric vehicles to the French group to sell under the Peugeot and Citroen brands in Europe over the next five to six years to market them in Europe.
Mitsubishi and PSA Peugeot Citroen signed a Framework Agreement in September 2009, following which both parties reached a final consensus on development and supply of electric vehicles based on the i-MiEV for the European market.
Peugeot and Citroen expect to sell 25,000 of the new electric vehicles each year. The C-Zero is Citroen’s version of the Mitsubishi’s i-MiEV. Peugeot's version is called the iOn.
Mitsubishi and PSA already have a model-sharing deal in place under which the Mitsubishi Outlander crossover is rebranded as the Citroen C-crosser and Peugeot 4007.
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