Mitsubishi Motors North America, Inc has announced the pricing for the company's advanced 100 percent electric Mitsubishi i, powered by Mitsubishi innovative Electric Vehicle (MiEV) technology.

The i electric cars, as they are called, will have a retail price of about $27,990 but federal and state tax credits could take that cost down to nearly $16,000.

The new electric i vehicles will also be available in California, Oregon and Hawaii.

Mitsubishi's electric car is priced well below the Leaf, priced around $33,000, and the Volt (around $40,000), both before tax credits.

As an all-electric vehicle, the electric Mitsubishi i qualify for a $7,500 federal tax credit.

According to a recent report from Bloomberg New Energy Finance, plug-in electric vehicles, including plug-in hybrids and battery electric vehicles, have the potential to make up 9 percent of auto sales in 2020 and 22 percent in 2030 (1.6 million and 4 million vehicle sales respectively).