Renault, Nissan, and Mitsubishi will unveil their 2030 EV plan this week. The three companies plan to triple their investment to develop electric vehicles jointly.
The three are expected to announce their plan on Thursday. The plan includes an investment of over 20 billion Euros over the next five years on EV development.
By 2030, the three automakers will develop more than 30 new EVs using five common platforms, according to Reuters.
The group has already developed four common EV platforms.
A second supports vehicles from Dongfeng, a Nissan partner in China and Dacia.
The third platform is primarily for the Japanese market for micro-mini vehicles.
Finally, the fourth platform is for light commercial vehicles.
The proposed fifth platform will be for compact EVs, and Renault will design it.
The goal for the three automakers is to reduce the cost to develop EVs and provide consumers with an option to meet the price point of gasoline-fuelled vehicles of a similar size. The companies will use common batteries and other key components to keep costs down.
This investment is in addition to the 10 billion Euros the group already spend on electrification. However, we shall see what other details leak as the announcement nears.