Asian Tech Press (Jan 24) -- French automaker Renault Group, Japanese car companies Nissan Motor Co. and Mitsubishi Motors Corp. will reportedly collaborate to launch more than 30 electric vehicles (EVs) by the end of 2030.

The three companies are expected to announce a plan on Thursday to invest more than 20 billion euros ($23 billion) in the development of electric vehicles over the next five years, Reuters exclusively reported.

By 2030, the Renault–Nissan–Mitsubishi Alliance is expected to launch more than 30 new EVs, the report said, citing sources familiar with the matter.

Nissan Motor said last November that it plans to invest 2 trillion yen ($17.7 billion) in the next five years to accelerate the electrification of its vehicle lineup and launch 23 new models, including 15 new EVs, by the end of 2030.

And Renault has said that by 2030, its Renault brand will be 100% electric in Europe.

According to the source, as early as last fall, the three companies had planned to announce the 2030 plan at an event in Japan, but it was postponed until this week due to the outbreak of COVID-19 in Japan.

In March 1999, Renault acquired a 36.8% stake in Nissan, formally establishing the Renault-Nissan Alliance. And in 2016, as Nissan acquired a stake in Mitsubishi Motors and became the latter's largest shareholder, the Renault-Nissan-Mitsubishi Alliance was formed.