Renault, Nissan and Mitsubishi Motors plan to triple their investment to jointly develop electric vehicles, two people with knowledge of the plan told Reuters.
As established automakers face pressure from new competitors and an expected shift in demand toward EVs, the French-Japanese alliance is seeking to deepen cooperation.
The three are expected to announce on Thursday a plan to invest more than 20 billion euros ($23 billion) over the next five years on EV development, the sources said. By 2030, the alliance is expected to come up with more than 30 new EVs underpinned by five common platforms, they said.
That is in addition to 10 billion euros the group has already spent on electrification, said the two people with knowledge of the plan. Spokespeople for Nissan, Renault and Mitsubishi did not immediately respond to requests for comment on Sunday.
The "Alliance to 2030" plan aims to show "intensified cooperation" among the automakers, highlighting a "shared vision on electrification and connected mobility," one source said. The five common platforms are expected to cover 90 percent of EVs the companies are expected to develop and launch by 2030, the sources said.