• Kyodo News

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Mitsubishi Motors Corp. said Tuesday it will establish a joint venture with Mitsubishi Corp. and GS Yuasa Corp. in the next six months to develop and manufacture advanced lithium-ion batteries for electric vehicles.

The three companies are still working on the details of the venture, which will be located in Kyoto and have capitalization of about 3 billion yen. It will be owned 51 percent by GS Yuasa, a Kyoto-based battery maker, 34 percent by trading house Mitsubishi and 15 percent by MMC.

The company’s manufacturing line is expected to start operations by 2009 and make 200,000 large-capacity and high-performance batteries in the first year.

There have been similar attempts by MMC’s rivals, including Toyota Motor Corp. and Nissan Motor Co., to develop lithium-ion batteries in collaboration with technology firms.

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