Renault SA, Nissan Motor outline $26-billion electric vehicle plan

The funds will be spent over five years to roll out 35 new battery-powered cars

Renault SA and Nissan Motor  outlined a 23 billion euro ($26 billion) electrification plan that will deepen ties within the struggling Franco-Japanese alliance as competition intensifies.

The funds, announced separately by the carmakers last year, will be spent over five years to roll out 35 new battery-powered cars by the end of the decade across five common manufacturing platforms, the companies said Thursday. The move is a major departure from the Renault Zoe and Nissan Leaf electric cars that were developed and built separately.

The plans mark a step forward in the three-way alliance that also includes Mitsubishi Motors that’s still seeking