A consortium formed by automotive giants Renault, Nissan and Mitsubishi will invest €23bn (£19.2bn) within the next five years to develop electric vehicles (EV).
As part of its Alliance 2030 electrification strategy, the consortium will increase the number of common EV platforms from four to five, developing 35 new EV models by 2030.
The car makers also added they will increase the usage of the shared platforms from 60 per cent today to more than 80 per cent by 2026.
“The three member-companies have defined a common roadmap towards 2030, sharing investments in future electrification and connectivity projects,” said Jean-Dominique Senard, chairman of the Alliance 2030. “These are massive investments that none of the three companies could make alone.
“Together, we are making the difference for a new and global sustainable future; the Alliance becoming carbon neutral by 2050.”
The Alliance will also work on scaling up its battery production, aiming to reduce costs by 65 per cent by 2028 while increasing capacity to 220GWh.
To achieve these results, the three companies will rely on all-solid-state battery technology (ASSB), which will have double the energy density of lithium-ion batteries and will reduce charging times to one-third.
Renault, Nissan and Mitsubishi will face a tough competition, as Toyota in December pledge to invest $70bn in the electrification of its fleet while EV giant Tesla reported $17.7bn in revenue – more than $1bn over analysts’ expectations.