Phase-modulated continuous-wave (PMCW) multiple-input multiple-output (MIMO) radar systems are known to possess excellent mutual interference mitigation capabilities, but require costly and power-hungry high sampling rate and high-precision analog-to-digital converters (ADC's). To reduce cost and power consumption, we consider a mixed-ADC architecture, in which most receive antenna outputs are sampled by one-bit ADC's, and only one or a few outputs by high-precision ADC's. We first derive the Cram{\'e}r-Rao bound (CRB) for the mixed-ADC based PMCW MIMO radar to characterize the best achievable performance of an unbiased target parameter estimator. The CRB analysis demonstrates that the mixed-ADC architecture with a relatively small number of high-precision ADC's and a large number of one-bit ADC's allows us to drastically reduce the hardware cost and power consumption while still maintain a high dynamic range needed for autonomous driving applications. We also introduce a two-step estimator to realize the computationally efficient maximum likelihood (ML) estimation of the target parameters. We formulate the angle-Doppler imaging problem as a sparse parameter estimation problem, and a computationally efficient majorization-minimization (MM) based estimator of sparse parameters, referred to as mLIKES, is devised for accurate angle-Doppler imaging. This is followed by using a relaxation-based approach to cyclically refine the results of mLIKES for accurate off-grid target parameter estimation. Numerical examples are provided to demonstrate the effectiveness of the proposed algorithms for angle-Doppler imaging using mixed-ADC based PMCW MIMO radar.