• By The Financial District

Nissan, Renault, Mitsubishi In Big $26B EV Push With 35 Models

Nissan Motor Co., Renault SA, and Mitsubishi Motors Corp. told Kyodo News on Thursday, Jan. 27, 2022, they will bolster their alliance in the electric vehicle business, pouring 23 billion euros ($26 billion) over the next five years into helping launch 35 new EV models by 2030 in the intensifying global race for green vehicles.

Photo Insert: The joint venture of the trio is called The Alliance

The three-way alliance will also use common platforms for 80 percent of their all EV models and jointly develop by fiscal 2028 an all-solid-state battery, a key component to make batteries safer and give vehicles greater range.

Alliance Operating Board Chairman Jean-Dominique Senard, also chairman of Renault, said in an online press conference that the three automakers aim to strengthen their ties following "a lack of trust" caused by former Nissan Chairman Carlos Ghosn's arrest in 2018 and his escape from Japan the next year before standing trial.

The trio had been seeking to hammer out new joint operations under the new management of the alliance after the departure of the charismatic leader to address the rapid shift in the auto industry to zero-emission and autonomous vehicles.

"The strong collaboration among the three companies gives us the competitive edge to drive global mobility transformation," Nissan President and CEO Makoto Uchida said.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The Franco-Japanese alliance becomes the latest in outlining new EV business plans following global peers in the face of the increasing need for zero-emission vehicles to achieve carbon neutrality.

Toyota Motor Corp., the world's No. 1 carmaker by volume, said last month it will spend 8 trillion yen ($70 billion) by 2030 as it raised its global EV sales target to 3.5 million electric vehicles for that year.

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Toyota's archrival Volkswagen AG plans to spend 52 billion euros and provide about 70 EV models by 2030, while General Motors Co. plans to invest over $35 billion globally through 2025 on electrification and have production capacity for over 1 million EVs in its US home market.

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