Renault, Nissan and Mitsubishi are reportedly planning to triple their investment in electric vehicles (EVs), which will see them spend more than €20 billion (£16.7bn) during the next five years.

The alliance of carmakers is forecast to have up to 30 new EV models by the end of the decade.

This investment would add to the €10 billion (£8.3bn) already invested into EV technologies by the three companies.

They will reportedly collaborate on battery production to cut manufacturing costs, with the overall aim to make their EV models as economical and affordable for drivers as their internal combustion engine cars.