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UPDATE 1-Mitsubishi Motors prices electric car at $47,580

Thu Jun 4, 2009 10:33pm EDT

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TOKYO, June 5 (Reuters) - Japan's Mitsubishi Motors Corp (7211.T) said on Friday it has priced its i-MiEV electric vehicle at $47,580, less than a rival electric car but still double the price of popular hybrid gas-electric vehicles.

Mitsubishi said it would price its car at 4.6 million yen, below Fuji Heavy Industries' (7270.T) electric car which will be sold for 4.7 million yen. Both cars will be sold to fleet customers in Japan.

Both electric cars qualify for government subsidies amounting up to nearly 1.4 million yen per vehicle for buyers but are still out of reach for many consumers.

A Reuters poll of Japanese retail investors last month showed the most popular price range for electric vehicles at 1.5 million to 2.0 million yen. [ID:nT169332]

Honda Motor's (7267.T) Insight hatch-back carries a price tag of as low as 1.89 million yen, and prices for Toyota Motor's (7203.T) Prius start at 2.05 million yen.

The Insight and Prius, which are sold to general consumers, were fully remodelled this year and their prices were cut sharply from previous levels.

Honda's Insight became the first hybrid car to head the list of best-selling cars in Japan in April, while Toyota's Prius took the top spot in May. [ID:nT316781]

Shares of Mitsubishi Motors rose 2.3 percent to 175 yen, compared with the Topix auto subindex .ITEQP.T, which gained 0.5 percent. (Reporting by Yumiko Nishitani; Editing by Edwina Gibbs)



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