Mitsubishi to slash electric-car price: report

Japanese auto maker Mitsubishi Motors Corp. (JP:7211 118.00, +2.00, +1.72%) /quotes/comstock/11i!mmtof (MMTOF 1.23, -0.05, -3.91%) will cut the cost of its electric car to about 2 million yen ($22,000) by 2012, according to a report Friday. Mitsubishi Motors will use savings from high-volume production of the batteries for its i-MiEV car to lower the vehicle's price by some 30% when government subsidies are included, the Nikkei business daily said in an unsourced report. The savings will be available once a new battery plant comes on line in April 2012, the report said.