Renault, Nissan Motor, Mitsubishi Motors Pledge EUR23 Billion EV Investment

By Kim Richters

Auto makers Renault SA, Nissan Motor Co. and Mitsubishi Motors Corp. will spend 23 billion euros ($25.85 billion) on electrification over the next five years.

The investment is part of a plan announced by the French-Japanese alliance partners Thursday, which updates on the car makers' electric-vehicle strategy.

The companies 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.

Write to Kim Richters at [e-mail]

(END) Dow Jones Newswires

01-27-22 0334ET