Electric automaker said to be mulling re-introduction of iconic performance car as “Tesla EVo."

Sources within GT Channel’s network of Japanese auto-industry insiders report that Mitsubishi Motor Corporation has agreed to sell the name and intellectual property assets of its defunct Evolution model to Tesla for an undisclosed sum.

Sources say Tesla’s then-President of Automotive, Jerome Guillen, coordinated virtual meetings with top Mitsubishi executives as far back as October, first to explore co-development of a new-generation Evolution.

Later meetings evolved into Tesla’s successful bid to purchase the Evolution name and IP when Mitsubishi’s enthusiasm for a manufacturing partnership waned.

The agreement still requires approval from Japanese and U.S. trade regulators, though this is thought to be a formality. Pending approval, the transfer of assets should conclude in the third-quarter of 2021. Curiously, Mitsubishi is likely to retain the rights to the “Lancer” name, despite sales currently limited to China and Taiwan.

Guillen has since moved on to head up Tesla’s Heavy Trucking program, but the “EVo” project reportedly has broad support within Tesla. Company CEO Elon Musk is said to be fond of the iconic car’s boxy profile, leading to speculation that Tesla could launch a retro-bodied car with a Model 3-based powertrain.

A production “EVo” would also help homologize the car for entry into the upcoming World Rally Championship’s forthcoming EV-only class. Tesla is thought to be keen to establish legitimacy in a punishing motorsport format, and an electric Evolution re-boot would certainly be a means to that end.

Betting against Musk in a motorsports venture would be a fool’s errand, so we’re excited to see how the potential new-gen EVo performs at the Acropolis Rally.

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Report: Tesla To Buy "Evo" Name, IP, From Mitsubishi