By Kim Richters 
 

Auto makers Renault SA, Nissan Motor Co. and Mitsubishi Motors Corp. have pledged to spend 23 billion euros ($25.85 billion) on electrification over the next five years in a push to strengthen their collaboration.

The investment is part of a plan unveiled by the French-Japanese alliance partners Thursday, which updates on the car makers' electric-vehicle strategy. The funding largely comes from investments previously announced by the companies, Renault Chief Financial Officer Clotilde Delbos said at a strategy presentation.

The auto makers said they plan 35 new electric-vehicle models and a total of 220 gigawatt hours of battery-production capacity for electric vehicles across their key production sites world-wide, both by 2030.

The companies have already invested EUR10 billion in electrification in recent years, Jean-Dominique Senard, who chairs a joint board the companies set up and also Renault's board of directors, said at the presentation event.

At 1057 GMT, Renault shares were up 2.6% at EUR36.29.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

January 27, 2022 06:15 ET (11:15 GMT)

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