June 17, 2008 - Mitsubishi and Peugeot are the latest companies to join forces in the race to develop a new battery-powered electric vehicle, Nikkei reports (via Reuters).

The partnership is the latest in a slew of corporate collaborations to bring lithium-ion battery technology up to speed for use in electric vehicles. Similar deals have been inked between Nissan and NEC, Volkswagen and Sanyo, and Toyota and Panasonic.

The electric-car race appears headed for a 2010 finish line. Like Nissan, Volkswagen, and Toyota, Mitsubishi says it is aiming to market its electric vehicle within the next two years.