Peugeot, Mitsubishi to Build Electric Car
PARIS (TheStreet) -- Automakers Peugeot Citroen and Mitsubishi (MTU) 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
Follow TheStreet.com on
and become a fan on
Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining TheStreet.com, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.
