Renault and Nissan set to invest $26B in future electric vehicles

Renault and Nissan, a French-Japanese auto partnership, said Thursday that they plan to invest 23 billion euros ($26 billion) on electric vehicle technologies over the next five years.

The collaboration of Renault and Nissan which also includes Mitsubishi Motors Corp. will exchange research, car components, and technology in order to reduce costs and manufacture 35 new electric vehicle models by 2030, aiming for global markets.

The vehicles will be based on one of five common platforms, which are the main components of vehicles. Renault and Nissan are ready to invest together this time.

Nissan will spearhead the development of a next-generation battery for electric vehicles, while Renault will spearhead the development of electronics and software that will connect millions of vehicles and deliver digital services and features.

Renault and Nissan

In an online presentation, the alliance’s head, Jean-Dominique Senard, said, “Today we are raising the hoods of the alliance together.”

Automobile manufacturers all around the world are attempting to cut costs and form alliances. COVID-related supply issues that are stifling output, as well as growing worries about climate change, have made collaboration more important than ever.

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