Nissan and Mitsubishi are using technology developed by Mitsubishi on the discontinued i-MiEV to tap huge Japanese demand for all-electric runabouts in the minicar segment.

The alliance partners, together with Mitsubishi, are expected to launch more than 30 new full-electric models by 2030 on five common platforms and invest more than $23 billion on EVs.

Mitsubishi's third-quarter results got a boost from higher volume and beneficial foreign exchange rates, prompting the company to lift its full fiscal year targets.

The alliance says the partners will jointly launch 35 new EVs over the next five years. And they will pursue a common strategy to secure global battery production capacity of 220 gigawatt-hours by 2030.

Rebounding Mitsubishi Motors Corp. stepped up its recovery in the latest quarter, bouncing back to profitability on better sales and beneficial foreign exchange rates.

As part of the push, Renault will lead development of a common centralized electrical and electronic architecture and will introduce its first "full software defined vehicle" by 2025.