Renault SA, Nissan Motor Co. and Mitsubishi Motors Corp. plan to triple their investment to jointly develop electric vehicles (EV), two people with knowledge of the plan told the media.

As established automakers face pressure from new competitors and an expected shift in demand toward EVs, the French-Japanese alliance is seeking to deepen cooperation.

The three are expected to announce on Thursday a plan to invest more than €20 billion (¥2.58 trillion) over the next five years on EV development, the sources said. By 2030, the alliance is expected to come up with more than 30 new battery-powered EVs underpinned by five common platforms, they said.