Peugeot, Mitsubishi to Build Electric Car

PARIS (TheStreet) -- Automakers Peugeot Citroen and Mitsubishi(MTU Quote) will team up to build an electric car that they'll sell mostly in Europe, the companies announced in Paris on Friday.

The companies haven't yet settled on a name for the Franco-Japanese machine, which they hope will roll off factory floors by the end of 2010.

The car, which will be manufactured in Japan, must be designed for puttering with the Vespas from Left Bank to Right. The car will be able to go 130 kilometers before needing a charge, the companies said, and will require six hours to fully juice.

The companies have a goal of selling 50,000 of the vehicles each year, half that number marketed by Peugeot in Europe and the rest by Mitsubishi in Japan and the rest of the world.

Shares of Peugeot shot higher by 7% in Paris trading, after the French newspaper La Tribune first broke news of the partnership. In New York trading Friday, Mitsubishi shares slipped 15 cents, or 2.4%, to $6. P/>-- Written by Scott Eden in New York

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