Mitsubishi, an Unlikely Electric-Vehicle Pioneer

With the i-MiEV minicar, Mitsubishi Motors is the first major automaker to begin mass-producing EVs

Compared with Japanese rivals Toyota (TM) and Honda (HMC), Mitsubishi Motors (7211.T) isn't renowned for its environmentally friendly lineup. Indeed, while Toyota was creating a market for hybrid cars with the Prius, Mitsubishi struggled to survive following an ill-fated tieup with Daimler (DAI) and Chrysler. The company has only made an annual profit four times this decade, and in the year ended March 2009 it lost $590 million on sales of $21.1 billion.

Yet when it comes to electric vehicles, Mitsubishi has emerged as an unlikely pioneer. At a time when global sales are plunging, this month the Tokyo automaker will begin the first deliveries of its i-MiEV to customers in Japan, making Mitsubishi the first major player to begin mass production of EVs.

For further information: BusinessWeek