MMC to Co-produce Li-ion Batteries for EVs

Mitsubishi Motors Corp. in Tokyo, Japan, will set up a joint venture to produce advanced lithium-ion batteries for electric vehicles.

Along with Mitsubishi Corp. and GS Yuasa Corp., Japan’s only manufacturer of large-sized Li-ion batteries, the automaker will establish the new company within the next six months in Kyoto with a capitalization of about ¥3 million ($25 million).

“In addition to efforts to prevent global warming, we are also required to look for alternative energies to replace oil,’’ said MMC Managing Director Tetsuro Aikawa The venture will be owned 51% by GS Yuasa, 34% by Mitsubishi and the remainder by MMC, which plans to install this more powerful battery in its “i MiEV” to be marketed by 2010.