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Renault SA and Nissan Motor Co. outlined a $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.

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