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Business

Nissan, Mitsubishi to join hands on low-cost electric car

The new model will be significantly cheaper than existing electric cars, such as the Leaf.

TOKYO -- Nissan Motor and Mitsubishi Motors will work together to develop a minicar-based electric vehicle, aiming to release a new model in fiscal 2016 at the lowest price among major automakers.

     The carmakers have set up a 50-50 joint venture to pursue development.

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