Sat. May 21st, 2022

Renault, Nissan and Mitsubishi have unveiled a € 23 billion electric motor plan that will produce dozens of new battery-powered models and deepen co-operation between Alliance members.

By the end of the decade, the groups will be producing 35 new models of electric motors, spread across five production systems shared between the companies.

The strategy aims to forge closer ties between the three carmakers and heal tensions that have plagued the alliance since the arrest of Carlos Ghosn in 2018, which has held the French-Japanese group together for nearly two decades.

The companies, which are racing against peers like Volkswagen to manufacture a new generation of low-emission vehicles, have already invested billions in rolling out electric cars. France’s Renault last year set out a € 10 billion plan for its own battery models by 2025. Nissan said in November that it plan to spend ¥ 2 billion ($ 17.4 billion) over the next five years.

The alliance will jointly pay for a new platform, or underlying car architecture, that will be used for Renault and Nissan models.

“These are massive investments that none of the three companies can make on their own,” said Alliance chairman Jean-Dominique Senard, who is also chairman of Renault.

He said the era of “crisis” among the groups caused by “a lack of confidence” was “in the past”.

The companies will work with the same suppliers for key components, and said they aim to reduce battery costs by 65 percent by 2028.

Under the plan, Nissan will release an electric motor to replace the Micra, its smallest model, which will be manufactured by Renault in France.

Mitsubishi Motors will strengthen its presence in Europe with two models, including the ASX based on Renault’s top sellers. The brand’s plans to return to Europe was reported by the Financial Times last year.

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