TOKYO -- Alliance partners Renault, Nissan and Mitsubishi Motors will invest 23 billion euros ($26 billion) into electric vehicles over the next five years and jointly develop a common automotive electronic architecture as the struggling Franco-Japanese group tries to regain lost momentum.
In its first major announcement in two years, the alliance partners said they will jointly launch 35 new EVs over the next five years. They will also pursue a common strategy to secure global battery production capacity of 220 GWh by 2030.
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.
The three automakers aim to have commonized platforms underpin about 80 percent of their combined 90 nameplates by 2026, up from about 60 percent today, they said in a joint statement on Thursday.