Renault, Nissan, Mitsubishi to reveal 2030 EV plans

A plan to triple investment in EVs for more than 20 billion euros during the next five years is reportedly coming from Renault, Nissan and Mitsubishi.

The plan would aim to provide EVs as cheap as similar internal combustion engine (ICE) cars by 2025 and launch more than 30 battery EVs (BEVs) based on five platforms, according to Reuters.

The report adds that the French-Japanese alliance is expected to make an announcement this week as existing automotive manufacturers come under increasing pressure from new competitors and an EV demand surge.

The 20b euros is likely to come on top of 10b euros the group has already spent on electrification.

Batteries (including solid-state) and other key parts could be shared among the alliance partners, likely to reduce costs.