JV announces electric car battery project
GS Yuasa Corp., Mitsubishi Corp. and Mitsubishi Motors Corp. said in December that they have set up a joint venture to develop, make and sell lithium-ion batteries for use in electric cars and other applications. The Â¥500 million (US$4.46 million) new company, Lithium Energy Japan, is 51% owned by GS Yuasa Power Supply Ltd., a wholly owned unit of GS Yuasa, 34% by Mitsubishi Corp. and 15% by Mitsubishi Motors. Lithium Energy will aim for annual production of 200,000 units in fiscal 2009, half of which will be used in Mitsubishi Motors’ new electric vehicle, MiEV (Mitsubishi innovative Electric Vehicle) Sport. Managing Director Katsuyuki Ono of GS Yuasa Corporation will serve as president of the JV. (December 12, 2007)
