Mitsubishi Motors Corp. has unveiled its electric vehicle, i-MiiEV, but it’s twice as expensive as the Toyota Prius and Honda Insight.

Still, Mitsubishi, Japan’s fourth-largest auto manufacturer, believe the i-MiEV will increasingly intensify global competition in the electric vehicle market.

The i-MiEV is powered solely by electricity, and can be recharged from a regular home socket. The four-seater vehicle can run up to 100 miles after charging seven hours at 200 volts.

Mitsubishi’s i-MiEV costs $47,560, which the manufacturer said “is a major hurdle to encouraging people to buy the car.” Its names stands Mitsubishi innovative electric vehicle.

In Japan, where the vehicle will debut to consumer in April, 2010,  i-MiEV buyers can receive hefty subsidies and pay no tax under a government program promoting the use of ecological vehicles. The vehicle is also tax-free for three years.