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Nissan, Renault, Mitsubishi to develop platform for electric vehicles

Nissan Motor Co. Ltd., Renault SA, and Mitsubishi Motors Corp. will join hands to develop a shared platform for midsize electric vehicles by 2020, the Nikkei Asian Review reported.

The report said this move is aimed at cost-cutting, adding each company in the alliance is expected to reduce development cost by 20% to 30% compared with the cost of producing the cars independently.

The three companies plan to use the platform for around 2 million electric vehicles, mainly SUVs, over five years. The alliance also targets to launch 12 new electric models by 2022.

According to the report, the alliance is also expected to develop shared platforms for other sizes of electric vehicles. The companies are also reducing the cost of developing lithium-ion batteries, motors, and other core components through this alliance.

The three companies have also set a goal of selling 14 million vehicles of all types worldwide in fiscal 2022, of which 9 million will have one of four common platforms.

Renault owns 46.8% stake in Nissan, while 16.5% stake in the French company is held by Nissan. The Japanese automaker also owns 34% stake in Mitsubishi.

The report noted that Volkswagen AG is developing its dedicated platforms for electric vehicles and Honda Motor Co. Ltd. is working on standard platforms that span gasoline cars and electrics. Toyota Motor Corp., Mazda Motor Corp., and auto parts supplier DENSO Corp. have formed a joint venture to develop core electric vehicle technology.