Mitsubishi plans to invest more than $214M in Renault's EV unit

TOKYO -- Mitsubishi said it will invest up to 200 million euros ($214 million) in the new electric vehicle unit of French counterpart Renault.

Mitsubishi is seeking to improve its EV development technology and expand its lineup of battery-powered vehicles with the investment in the Renault EV unit, named Ampere, the Japanese automaker said in a statement

The first step of the collaboration will see Ampere supply Mitsubishi with an EV for its European lineup.

The decision to invest in Ampere comes after Mitsubishi's partners, Renault and Nissan, finalized a restructured alliance in July.

Nissan has already committed to invest up to 600 million euros ($640.98 million) in the unit, consistent with it being a strategic investor and securing a board seat on the new company.

Renault has said that the first investor day for Ampere will take place on Nov. 15.

Renault CEO Luca De Meo last month said the unit could be valued at up to 10 billion euros ($10.47 billion). Renault is looking to list Ampere in the spring of 2024.

Renault Chairman Jean-Dominique Senard, speaking on the sidelines of an event in Paris on Tuesday, said he welcomed Mitsubishi's investment and had always been confident the company would take part in Ampere.

Senard said he intends to talk in more detail with Mitsubishi during an upcoming trip to Japan.