Mitsubishi Signs Agreement to Promote Electric Vehicles with the Singapore Government

Mitsubishi Motors Corporation (MMC) and its distributor in Singapore Cycle & Carriage Automotive PTE Limited (CCA) announced the signing of a Cooperation Agreement to collaborate on activities to popularize electric vehicles (EV [FREE Stock Trend Analysis]) with the Singapore government.

The Economic Development Board (EDB) of Singapore, including Singapore’s Energy Market Authority (EMA) and Land Transport Authority (LTA), as part of a multi government agency EV task force will set up an EV charging infrastructure network and evaluate the cost benefits of electric vehicles  for future adoption. Within these activities, MMC, via CCA, will supply 25 electric cars i-MiEVs from 2011 and cooperate in the taskforce’s test bedding efforts.

Mr. Leo Yip, Chairman, Singapore Economic Development Board said, "We are delighted to welcome Mitsubishi Motors on board as the first major EV supplier for Singapore’s electric car test bed programme. This test bed programme is an excellent example of how Singapore presents itself as a Living Laboratory for auto-manufacturers, charging equipment suppliers and EV component players to explore R&D and capability development activities in Singapore. We see opportunities in areas such as battery management systems, power electronics and electric drive systems. Companies can leverage Singapore’s electronics cluster and engineering talent to build new capabilities here."

Mr. Osamu Masuko, President of Mitsubishi Motors said, "MMC is proud to be the part of EV test-bed in Singapore. We believe that Singapore is an ideal market for electric vehicles. Working together with the Singapore government and Cycle & Carriage Automotive, we would like to evaluate the performance of i-MiEV under the condition in Singapore and also promote the appeal of EV toSingapore citizen."

MMC is currently selling the i-MiEV in Japan, Hong Kong, and Australia. In addition, MMC has engaged in initiatives to popularize electric vehicles with lithium ion batteries with various governments all over the world, including the governments of the Principality of Monaco, Iceland, Denmark, among others.

Mitsubishi Motors Corporation (TSE: 7211) was established in 1970 and is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The company also operates consumer financing services and provides this to its customer base.