And Mitsubishi's i-MIEV is powered by batteries developed by the Lithium Energy Japan, a company controlled by Mitsubishi Corporation, the second biggest shareholder in Mitsubishi Motors.
Incestuous to say the least.
Despite this, MMC is still heavily indebted and losing money against a background of a grim economic outlook, in the home market particularly.
And in the medium term it needs to find a partner to develop the new Lancer and, given that one analysts report I've just looked at suggests Mitsubishi Motors only spends around £300m a year on R&D, that's going to be very important.
PSA will get a lot out of this, too. Mainly there's access to the lithium-ion technology. I think this is the first time that EV technology has been a significant driving force behind a strategic tie-up in the auto industry.
Then there's access to markets where PSA is weak - Asia and to a lesser degree Russia.
And it also moves PSA into the second tier of global car-makers. Put PSA's 3m cars a year together with Mitsubishi's 1m and you get a 4m-sized car company comparable with Honda and knocking on the door of Ford/Mazda.
But the big question that remains is how will this co-operation work in practice? And can PSA actually get Mitsubishi to do the things it wants?
So far the much-touted examples are of re-badging jobs of each other cars - Outlander/4007, i-MIEV/iON. Those are a far cry from an engineering co-operation where compromise is required on a daily basis.
Also, what will Toyota think about this? Maybe a decision has already been taken to end the Aygo/107/C1 co-operation? A new one of those is due around 2012/13.
In the example of a western/Japanese merger working well - Renault-Nissan - the Japanese partner was bankrupt and burned out, which made the job of the incoming westerners much easier.
Mitsubishi has seen partners/owners come and go in the past, Chrysler twice, and the Daimler fiasco, I wonder whether the culture there is ready for more interference from outside, even if it is much needed?
Lots of questions and, so far, not many answers.