Mitsubishi Motors to invest up to 200 million euros into Renault’s new EV unit

TOKYO (Reuters) -Japanese automaker Mitsubishi Motors (OTC:) will invest up to 200 million euros ($213.66 million) in the new electric vehicle unit of French counterpart Renault (EPA:), Mitsubishi said on Tuesday.

Mitsubishi said in a statement it seeks to improve its EV development technology and expand its lineup of battery-powered vehicles with the investment in the Renault EV unit, named Ampere.

Its decision to invest in Ampere comes after Mitsubishi’s partners, Renault and Nissan (OTC:) Motor, finalised a restructured alliance in July.

Nissan has already committed to invest up to 600 million euros ($640.98 million) in the unit, consistent with it being a strategic investor and securing a board seat on the new company.

($1 = 0.9361 euros)