Joint venture

RENAULT, Nissan and Mitsubishi planned to triple their investment to jointly develop electric vehicles, two people with knowledge of the plan said. As carmakers face pressure from new competitors and an expected shift in demand toward EVs, the French-Japanese alliance is seeking to deepen co-operation.

By 2030, the alliance was expected to come up with more than 30 new battery EVs underpinned by five common platforms, they said. The carmakers hoped to make compact EVs as affordable as petrol-fuelled vehicles of similar size, the sources said. They are expected to use common batteries. | Reuters