Though the Mitsubishi i hasn’t hit dealerships yet, Mitsubishi is already increasing its price. Back in April, the automaker announced that its first electric car would start at $27,990, and customers would be able to knock that price down to $20,490 after a $7,500 federal tax credit. Now, Mitsubishi says that both trim levels will receive a price increase of $1,135, for a new starting price of $29,125 for the base model.

Mitsubishi says that the price increase is “due to unforeseen changes in market conditions.” After some digging, Automobile Magazine says that the price adjustment is because of changes in the exchange rate between the Japanese yen and the U.S. dollar.

The Mitsubishi i will remain the least expensive electric vehicle on the market when it rolls into dealerships in early 2012, costing consumers about as much as a Toyota Camry LE after the federal tax credit. The only fully-electric vehicle currently on the market is the Nissan Leaf, which starts at $35,200. That’s $6,075 more than the Mitsubishi i’s MSRP.

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