Nissan, Mitsubishi, Renault to launch 12 new electric cars by 2022

Renault-Nissan-Mitsubishi wants to sell 40% more cars by 2022

Renault-Nissan-Mitsubishi to invest £8.9bn in electric and autonomous cars

But alliance head Carlos Ghosn, who led the turnaround of Nissan as its first-ever non-Japanese CEO, has ambitious plans for the group.

The Renault-Nissan-Mitsubishi alliance has unveiled a six-year plan which calls on the companies to work together to cut costs and launch 12 new electric vehicles. Renault, Nissan and Mitsubishi have sold almost 10 million vehicles in 2016, and Mr. Ghosn has estimated that se sales would be approximately 10.5 million units this year. Nevertheless, it is clear Ghosn sees the alliance becoming a major player in the self-driving vehicle space.

The projected sales target would take Renault-Nissan's annual revenues to around $240 billion.

"Sales is not and has never been an end in itself, but our increasing global presence creates additional opportunities of economies of scale", he said.

Point two is all about electrification and autonomous driving through shared technologies, of course.

Ghosn has drawn criticism for not moving fast enough to integrate Renault and Nissan platforms and powertrains.

The Renault Zoe, a hatchback one size smaller launched in 2012 by its French alliance partner, is the best-selling electric auto in Europe-though its uses largely separate underpinnings than the Leaf.

But its replacement, expected in the early 2020s, will likely share its platform with the second-generation Renault Zoe and one or more battery-electric models from Mitsubishi as well. However, it did specify that it will launch four shared platforms with the aim of producing over 9 million vehicles on them.

Groupe Renault, Nissan Motor and Mitsubishi Motors, which represent the world's largest automotive alliance, announced Friday that Alliance 2022, a six-year plan, has set a new target to double annual synergies to 10 billion euros by the end of the plan.

Alliance 2022 is going all in on ride-sharing, too.

By 2022, the member companies will significantly increase their product range to cover all main segments in their key markets of Japan, the US, China and Europe, it said.

The group's plan also includes introducing 40 vehicles with varying levels of autonomy.

Evercore said the alliance's increasing size would let it "leverage expensive future technologies over significant global volumes".

Leveraging economies of scale, the partnership of Renault-Nissan plans to expand their electric vehicle offerings, according to a new strategic plan outlined this week.

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