The Greg Tracy-piloted MiEV Evolution III crossed the finish line in 9:08.188, about two-and-a-half seconds behind the overall winner Romain Dumas. Mitsubishi teammate Hiroshi Masuoka placed third in the final standings, a further four seconds back with a time of 9:12.204.
With Dumas' 2013 Norma M20 RD powered by an internal combustion engine, Tracy and Masuoka also finished first and second in the electric vehicle class.
Both drivers broke, by over half-a-minute, the previous electric car record, which was set in 2013 by Nobuhiro Tajima in his E-Runner Pikes Peak Special. Tajima and his E-Runner finished the 2014 race in fourth place overall, 31 seconds behind third-placed Masuoka.
The Mitsubishi MiEV Evolution III features a tube-frame chassis and four electric motors (two at each end). Combined these engines produce 450kW of power, which is channelled to the ground via all four wheels.
During the race Tracy averaged a speed of 125.9km/h over the 20km course. Set in the Rocky Mountains, the Pikes Peak International Hill Climb challenges drivers' skill through 156 corners and an overall elevation change of 1.9km. On top of that it tests their courage with unforgiving falls off one side.
Unfortunately, during this year's race, motorcycle racer Bobby Goodin lost his life after crossing the finishing line in 41st place overall and third in his class.
According to the Colorado Springs Gazette, Goodinlost control of his bike while slowing down an unpaved section of track, and was catapulted off the peak and into an area strewn with boulders. He was unconscious when medical teams reached him, and despite CPR and a medical evacuation, he was pronounced dead.
Goodin is the fifth person to die during the Hill Climb and the first since 2005.