The new EV reportedly will be targeted at farmers, contractors and others who use light trucks for their work—applications in which limited range is less of an issue.

The electric light truck will allow users to recharge its battery off normal household power outlets. The new vehicle will be developed based on an existing minitruck to reduce the development time.

Mitsubishi Motors aims to keep the effective sales price of the electric truck after government subsidies at no more than 1.5 million yen [US$19,300], making it cheaper than its two existing electric vehicles.

Mitsubishi Motors wants to sell 42,000 electric vehicles worldwide in fiscal 2012, double the number projected for this fiscal year, according to the report.