The plan will also extend the use of common powertrains to 75 percent of total sales.
The plan is very light on actual details of how it plans on achieving this; it says that it plans to release 12 electric cars, and 40 vehicles capable of autonomous driving by 2022 but doesn't go into much detail.
Two years after that, the alliance plans to release its first fully autonomous vehicle, requiring no human driver intervention in any situation.
But alliance head Carlos Ghosn, who led the turnaround of Nissan as its first-ever non-Japanese CEO, has ambitious plans for the group. Renault, Nissan and Mitsubishi have sold almost 10 million vehicles in 2016, and Mr. Ghosn has estimated that se sales would be approximately 10.5 million units this year.
The automakers plan to release their first fully autonomous vehicle, requiring no human driver at all, in about five years. This will pave the way for a long-range electric vehicle which can travel more than 600 km (372 miles).
Total unit sales by the member companies are expected to exceed 14 million vehicles per year by the end of the plan.
The projected sales target would take Renault-Nissan's annual revenues to around $240 billion. The doubling of synergies will be achieved partially by contributions from Mitsubishi Motors, specifically through deeper localization, joint plant utilization, common vehicle platforms, and an expanded presence in mature and emerging markets.
"Becoming an operator of robo-vehicle ride-hailing services is a major part of the new mobility services strategy", the statement added.
Ghosn pledged to increase that figure to more than 9 million alliance vehicles on four common platforms.
By the end of the plan, the member companies will share 22 engines out of a total of 31, compared with 14 engines out of a combined total of 38 in 2016.
By 2022, the member companies will significantly increase their product range to cover all main segments in their key markets of Japan, the US, China and Europe, it said. They will utilize common platforms and components across all three Alliance brands.
The Renault-Nissan alliance is ramping up electric auto production, vowing 12 new models by 2022 and to make electric cars 30 percent of its overall production.