Officials at one of Japan's major oil refiners say they are preparing to manufacture and sell an electric vehicle.

Idemitsu Kosan has been working with racing-car maker Tajima Motor to develop the compact EV. It seats four people.

The company plans to sell the car through its roughly 6,400 gas stations across the country from next year.

The target price is about 14,000 dollars, although the officials say it might go for even less.

The vehicle represents Idemitsu's efforts to diversify, while society tries to reduce its reliance on fossil fuels.

Idemitsu Kosan CEO, Kito Shunichi, said "Our company will continue to pursue its corporate mission of providing stable energy resources, but also develop new areas for its future business."

Idemitsu aims to continue developing its EV business as demand for gasoline is expected to decline in the future.

Source: ANNnewsCH