Rumors that Mitsubishi's been planning a foray into the electric car business have been on the lips of car watchers for months. Now, Automotive News reports the company will soon divulge plans to sell an EV subcompact, powered by a lithium-ion battery, in the US. Mitsu president Osamu "Sparks" Masuko says the car will be launched first in Japan (natch, they get all the good gadgets) before a stateside reveal. Details on the new venture are reportedly forthcoming, but it's no secret Mitsubishi's plotting something electric; it's unveiled several concept cars employing its MIEV in-wheel electric motor technology at recent auto shows, including the hybrid Concept-CT (pictured) in Detroit last year. (Masuko said a hybrid model could also see daylight). AW reported earlier this year that Mitsubishi's production EV would likely be based on the Colt. Takeaway: Could Mitsubishi beat Toyota to the punch with a plug-in?