Japan Post plans a switch to electric cars, Mitsubishi stock soars

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News comes from the Japan Post Service Co, which is the mail delivery unit of Japan Post Group, that the mail carrier plans a switch to completely electric vehicles as soon as possible. This announcement comes as record-high gasoline prices sweep the world. Major Japanese automakers have big plans regarding all-electric cars, with manufacturers such as Nissan, Subaru and Mitsubishi all readying introductions of their first models in 2010. Stocks of each of these companies soared with the news from the Post, along with battery makers which have relationships with those auto companies. Mitsubishi and its partner Yuasa appear to have benefited the most from the announcement, with shares of those companies jumping a surprisingly strong 3.7 percent and 7 percent, respectively.

In an effort to start saving money on gas right away, the Post also suggested that it will start testing hybrid vehicles, which could fill in until the fully electric vehicles and the associated necessary infrastructure are ready.

[Source: Bloomberg, Reuters]

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