Carmaker alliance announces huge investment in electric vehicles

Car giants Renault, Nissan and Mitsubishi Motors are to invest billions of pounds in electric vehicles over the next few years, they announced on Thursday.

The alliance of three carmakers said they will jointly launch 35 new electric vehicles over the next five years based on five common platforms, including a successor to the Nissan Micra.

They also signalled a huge increase in global battery production.

Jean-Dominique Senard, chairman of the Alliance, told a news conference: “Today the Alliance is accelerating to lead the mobility revolution and deliver more value to customers, our people, our shareholders and all our stakeholders.

“The three member-companies have defined a common road map towards 2030, sharing investments in future electrification and connectivity projects.

“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.”

Renault, Nissan and Mitsubishi have already invested billions of pounds in electric vehicles (EV).

In Europe, Japan, the US, and China 15 Alliance plants already produce parts, motors, batteries for 10 EV models on the streets, with more than one million EV cars sold so far.

The Alliance announced it is accelerating with a total of 23 billion euros (around £19 billion) more investment in the next five years on electrification, leading to 35 new EV models by 2030.

The Alliance added it was working with partners to reduce battery costs by 50% in 2026 and 65% by 2028.

90% of these models will be based on five common EV platforms, covering most markets, in all major regions: