Automobiles companies Renault SA, Nissan Motor Co., and Mitsubishi Motors Corp. joined hands to put $26 billion in the electric vehicle segment to solidify and strengthen their collaboration over the next five years. The trio plans to roll out 35 new EV models and to attain production of 220-gigawatt hours battery production capacity by 2030. Looking at the growing potential and expansion of the electric vehicle industry this investment will strengthen alliance position in this future-oriented, rapidly growing industry. Besides this, the three companies have earlier invested EUR10 billion in electrification. Their strategy of investing funds into the electric division will help them to counter the immensely growing global competition in this industry.