Nissan, Mitsubishi and Renault are planning on jointly developing electric vehicles.

According to a Reuters report, the three automakers are expected to deepen already existing collaboration and invest more than $23 billion dollars over the next five years exclusively on EV development. Citing "two people with knowledge of the plan," Reuters also said the "alliance" is expecting to have 30 new battery-powered models "underpinned by five common platforms."

"The 'Alliance to 2030' plan aims to show 'intensified cooperation”'among the automakers, highlighting a “shared vision on electrification and connected mobility,” one source said in the report. "The five common platforms are expected to cover 90% of EVs the companies are expected to develop and launch by 2030, the sources said."

The three companies are expected to use standardized batteries and other components to save significantly on manufacturing costs.