Renault, Nissan and Mitsubishi to spend 23b euros to go full throttle with 30+ EVs

Renault, Nissan and Mitsubishi to spend 23b euros to go full throttle with 30+ EVs

Dubai: It’s back to full action for the Renault-Nissan-Mitsubishi alliance as it confirms plans to build up to 1 million EVs (electric vehicles) a year in five years and backed by a staggering 23 billion euro outlay. These funds and sharper focus, the alliance hopes, will make up for time lost in recent years over the Carlos Ghosn issue and get all three carmakers pull as one. The EV push is the most eye-catching detail from an event held Thursday (January 27) that set out the roadmap the alliance will follow. The promise is that the entry-level models will try and match the pricing offered by competing internal combustion (IC) models. More than 30 EV models will hit the roads all over the world as part of these ambitions. The three thus join Volkswagen, General Motors and Ford that have spelt out ambitious centred around electric vehicles and take on the disruptive influence of that is happening in this vehicle category. What was left unsaid is whether the three plan any changes to their quite complex cross-holding shareholding structures. “The point of shareholding (between the three companies) is not on the table today,” said Jean-Dominique Senard, Chairman of the Alliance.