Renault SA, Nissan Motor Co. & Mitsubishi are closing on a 23 billion euro ($26 billion) electrification plan that will deepen ties within the Franco-Japanese alliance as competition intensifies.
The funds, announced by the carmakers will be spent over five years to roll out 35 new battery-powered cars.
Estimated by the end of the decade across five common manufacturing platforms, the companies said.
The plans mark a step forward in the three-way alliance that also includes Mitsubishi Motors Corp.
Just recently, Renault and Nissan blazed an early EV trail with their best-selling Zoe and Leaf models, but competition is heating up and the vehicles have been leapfrogged by Tesla Inc. and Volkswagen AG. Bloomberg reports
- “EVs is slowly becoming a fiercely competitive market.
Nissan, Renault and Mitsubishi are looking forward on utilizing their alliance in that area.
However, the three companies’ main internal combustion engine-based businesses remain unsteady, as resources necessary to effectively promote electrification may be scarce, unless they’re able to firmly revive their operations.”
As part of the push,
New model of Nissan’s Micra will be produced in France alongside the Renault R5, alongside key models the Nissan Ariya EV & Renault Megane, adding the estimated manufacturing of 1.5 million cars, by 2030