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Madrid (AFP) Sept 21, 2010 Spanish utility Endesa said Tuesday it had signed an agreement with Japanese conglomerate Mitsubishi Corporation to work together on the development of electric cars. Under the agreement Mitsubishi will introduce its i-MiEV electric vehicle in Spain while Endesa, owned by Italy's largest power company Enel, would build infrastructure to provide power to electric cars in the country. The two companies also aim to explore the possible expansion into the European Union and Latin America. Earlier this month Spanish Economy Minister Elena Salgado was in negotiations with Japanese automaker Mitsubishi Motors over the possible contruction of a plant in the northwestern port of Vigo to produce parts for electric vehicles. "Obviously we have the conditions for the plant to settle in Spain, one of the nations which is pushing the development of an electric vehicle the hardest" she said. Spain's Socialist government has said it plans to invest 590 million euros (770 million dollars) over two years in the development of an electric vehicle and hopes to see 250,000 such vehicles on the roads by 2014.
earlier related report The new plant will be in Wuhan, central China, and will have initial annual capacity of 150,000 vehicles when it comes on-stream in 2013, said a statement issued to mark a visit to China by PSA head Philippe Varin. The plant will increase total PSA capacity in China through its joint ventures with Dongfeng Motor to 750,000 vehicles by 2015, up from the current 450,000 units. PSA said it will also introduce at least one new model a year in China and boost its dealership network to increase business in its second most important market. The new cars will be more environmentally friendly and will include hybrid petrol-electric models, it said, adding that combined, the package would allow its Dongfeng joint venture to win five percent of the Chinese market by 2015. In July, PSA formally agreed a 1.2-billion-dollar (916-million-euro) joint venture with Chinese group Changan Automobile to build 200,000 cars a year initially at a plant in Shenzhen, just across from Hong Kong in southern China. Auto sales in China hit 9.02 million in the first half of 2010, a year-on-year rise of 48 percent, according to Chinese figures, as the market booms on the back of sustained economic growth and development. Western and Japanese auto firms all have major plants and interests in China, attracted by its growth prospects.
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