Renault-Nissan-Mitsubishi Alliance to Invest Over 20 Billion Euros More in Electric Vehicles

[Photo by EPA Yonhap News]

[Asia Economy Reporter Park Byung-hee] The Renault-Nissan-Mitsubishi automotive alliance is set to announce additional investment plans in the electric vehicle sector on the 27th (local time), according to major foreign media citing insiders on the 23rd.

According to insiders, the three companies plan to invest more than 20 billion euros over the next five years. Adding this to the previously announced 10 billion euros, the total investment amount will exceed 30 billion euros.

The three companies plan to launch more than 30 new electric vehicles by 2030 using five joint platforms (chassis). Of the five platforms, four have already been developed or are partially under development. The fifth platform, which Renault is producing for small electric vehicles, is expected to be completed by 2025.

Nissan’s new Ariya and Renault’s new Megane will be built on the same platform. Nissan has also decided to apply the fifth platform developed by Renault to its vehicles. About 90% of the 30 or so electric vehicles that the three companies will release by 2030 are expected to be based on these five platforms.

The three companies also plan to establish a total battery production capacity of 220 GWh by 2030 in France, Japan, the United Kingdom, China, and other locations. They aim to halve battery production costs through battery standardization and joint development. The lithium-ion battery technology currently being developed by Nissan is also expected to be shared among the three companies in the future, according to insiders.

The three companies originally planned to announce these investment plans in Japan last fall. However, the announcement was delayed due to a surge in COVID-19 infections in Japan.