Alliance partners Nissan Motor, Renault and Mitsubishi Motors have agreed to set up a new company to take the lead in the development of advanced technology for next generation vehicles, according to reports in Japan.

The announcement was made after Nissan's new CEO Makoto Uchida took office at the beginning of December pledging to "repair" profitability following the ouster of Carlos Ghosn earlier this year.

The new company will pool together resources and personnel from the three automakers, allowing them to share costs and speed up the development of artificial intelligence and other advanced technologies. Further details of the company's size and focus are expected to be announced at the end of January. 

At present, Nissan and Renault collaborate on platform and engine development and component purchasing. Mitsubishi is a latecomer to the alliance, having joined in 2016.

The three automakers are looking to step up collaboration to better compete in a fast changing global automotive market where electric vehicles, connected services, autonomous and shared vehicles are expected feature increasingly.