Mitsubishi Motors Corp. has cancelled plans to launch a hybrid car in December,
says Jiji Press Wednesday (22/11/00) citing close sources.

According to these sources, the auto-maker has concluded that it should not enter
unprofitable business when it is expected to post record consolidated net losses
of 140 billion yen for the year ending March 2001.

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Mitsubishi was to sell its vehicle for under 2 million yen from the month of December
– even if it meant the company was to sell it at a loss – undercutting both Toyota’s
Prius hybrid model at 2.18 million yen and Honda’s Insight hybrid at 2.1 million
yen.

The car manufacturer will try to launch a hybrid vehicle – modelled on its Lancer
Cedia small sedan – in either 2001 or later, continued these sources.

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