Mitsubishi may have a wide range of vehicles, but it lacks a flagship model since it stopped production of the Diamante back in 2005. However, that will change soon.

Today, the troubled automaker announced that, as a part of cooperation agreement signed with the Nissan Group in December 2010, it begin selling a rebadged Fuga, which in the rest of the world is known as the Infiniti M, from next summer.

Even though Mitsubishi had already begun development of a successor to the Diamante, the model’s low sales, which dipped below 10,000 units in its last year of production, along with the company’s economic problems, killed off the project.

According to Mitsubishi, the rebadged luxury sedan will be sold only in Japan and there are no plans to export the car in overseas markets. The Japanese automaker has yet to reveal the flagship sedan’s name.

The cooperation between the two companies extends beyond the M sedan, as Mitsubishi has already agreed to sell Nissan’s NV200 van while providing Nissan with the electric Minicab i-MiEVcommercial van.

The two Japanese makers have also formed a joint venture for the common development of mini cars for their home market.

Mitsubishi may have a wide range of vehicles, but it lacks a flagship model since it stopped production of the Diamante back in 2005. However, that will change soon.

Today, the troubled automaker announced that, as a part of cooperation agreement signed with the Nissan Group in December 2010, it begin selling a rebadged Fuga, which in the rest of the world is known as the Infiniti M, from next summer.

Even though Mitsubishi had already begun development of a successor to the Diamante, the model’s low sales, which dipped below 10,000 units in its last year of production, along with the company’s economic problems, killed off the project.

According to Mitsubishi, the rebadged luxury sedan will be sold only in Japan and there are no plans to export the car in overseas markets. The Japanese automaker has yet to reveal the flagship sedan’s name.

The cooperation between the two companies extends beyond the M sedan, as Mitsubishi has already agreed to sell Nissan’s NV200 van while providing Nissan with the electric Minicab i-MiEVcommercial van.

Mitsubishi is nearly ready to join North America’s nascent all-electric parade. The 2012 Mitsubishi i will be available sometime early next year, and the automotive world has been speculating on the type of electron-powered economy one can expect to achieve when behind the wheel. The speculators can take a break because the EPA has finally released its ratings for the i.

How does a mile per gallon equivalent of 126 city and 99 highway sound? That’s a combined MPGe rating of 112. The EPA also subjected the 2012 i to its LA4 driving test, also known as the city test. This subjects the vehicle to numerous starts and stops, as one would encounter when cruising through town. The electric four-door achieved a max cycle range of 98 miles.

From an efficiency standpoint, the 2012 Mitsubishi i stacks up nicely against its electricity-drinking competition. The Tesla Roadster 2.5 has a 119 MPGe combined rating while the Nissan Leaf sports a rating of 99 MPGe combined.

Check out our photos of the Mitsubishi i in the gallery below, and be sure to keep reading for the full press release.

Mitsubishi has a problem with its current lineup. Unless you’re looking for a Lancer, your options are limited to the Galant mid-size sedan and the Endeavor and Outlander crossovers. Right now, the Galant is contemplating seppuku and the Endeavor hasn’t been fully redesigned since it first went on sale back in 2003. The Outlander, however, has something positive to offer. It seats up to seven passengers (in a pinch), has been named an Insurance Institute for Highway Safety Top Safety Pick, and tops out at 28 miles per gallon on the highway.

Mitsubishi knows having just two competitive vehicles to choose from isn’t enough to compete in an industry eager to fill every niche, and the company appears focused on evolving the two lone bright spots in its lineup. The Lancer has spawned many variants, the latest being the Lancer Sportback, a fun-to-drive wagon that doesn’t step on the toes of the top-trim Lancer Evolution. The Outlander, meanwhile, recently gave its name to the smaller 2011 Mitsubishi Outlander Sport, a five-passenger crossover looking to make its mark in a currently crowded segment.

After a strong backlash from its announcement that the Lancer Evolution would be no more after its 10th generation, Mitsubishi has backpedaled on its decision to kill the car. The automaker promises that the Evo X will live out its life cycle as planned, and will continue to evolve in the future, but that may mean going a slightly different direction.

Mitsu is trying to balance the necessity to move toward more eco-friendly conveyances while not alienating the huge fan base that the Evo has cultivated since the first-generation car was introduced in 1992.

Along with its promise to keep building Evos and find a way for them to fit in to Mitsubishi’s new green lineup, the company has lowered the price of entry for the Evo X to £29,699.00 in the UK. While there’s no word yet on what the new Evos may wind up looking or behaving like, there’s at least a tenuous promise that the car will continue.