Renault, Nissan to invest $26B in future electric vehicles

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — The French-Japanese auto alliance of Renault and Nissan plans to invest 23 billion euros ($26 billion) in electric vehicle technology over the next five years. The companies say their alliance, which also includes smaller Japanese automaker Mitsubishi Motors, will share research, auto parts and technology to reduce costs and produce 35 new electric vehicle models by 2030, aiming at markets around the world. The vehicles will use one of five common platforms. The companies said Nissan will lead in developing a next-generation battery, while Renault will lead in electronics and software development. Automakers around the world are trying to save costs and cut emissions amid growing concerns for climate change.