Yes, that’s true, and the buyer in question is PSA Peugeot Citroën. Mitsubishi has announced the signing of a “Final Cooperative Agreement” that will see the French giant purchase 100,000 units of the i-MiEV electric car. PSA will market the rebadged i-MiEV as the Peugeot iOn and Citroen C-Zero. Both French badged cars will go on sale in Europe by the end of this year, starting with their domestic market.

This sealed deal comes just after both parties failed to agree terms for a capital alliance in the style of Renault and Nissan. Mitsubishi Motors CEO Osamu Masuko and PSA chief Philippe Varin met at Geneva and jointly released a statement that a capital tie-up would not be realistic although both companies would continue to expand business ties.

Besides this latest deal, which would help Mitsubishi achieve better economies of scale for an expensive project, PSA also bases its Peugeot 4007 and Citroen C-Crosser on the Japanese maker’s Outlander SUV.