With gas prices soaring high and no evidence that they are coming back down to earth, Mitsubishi is taking advantage of a market that is ready for some relief. The Japanese car maker has announced the launch of an all electric car, the Mitsubishi I.

The Mitsubishi I is expected to run approximately 85 miles per full charge, and will charge in 22.5 hours on a 120V outlet. An adaptor is available to allow full charge on a 240V in just 6 hours or an 80% charge at a public charger.

The I has all the modern safety features, like a six airbag system, active stability control, and anti-lock brakes. It features an approaching vehicle audio system to alert pedestrians to the vehicle’s approach, and the brake override system forces the vehicle to give preference to brakes rather than the accelerator should the driver step on both simultaneously.

Because the Mitsubishi I is an electric car, it qualifies for government tax rebates. In some cases, the federal government offers up to $7,500 for energy efficient vehicles, while some states also offer a clean energy rebate of up to $4,500 for such vehicles.

The I will be released in a pilot market to Hawaii, Oregon, California, and Washington in November of 2011. Mitsubishi will release the car nationwide by the end of 2012.

Mitsubishi announced that reservations are now being taken for the new car. Consumers can reserve one with their choice of amenities for a refundable PayPal deposit of $299. For the first 2,000 customers to make their reservations, the auto maker will waive the $99 electrical inspection fee, which ensures that the home can efficiently charge the vehicle.