Carlos Ghosn, chairman and chief executive officer of the Alliance, said: "To double synergies, on one side Renault, Nissan and Mitsubishi Motors will accelerate collaboration on common platforms, powertrains and next-generation electric, autonomous and connected technologies".
The last goal of introducing a fully self-driving system is part of Ghosn's vision to see the alliance become the operator a self-driving taxi service.
The Renault-Nissan alliance is aiming to boost annual sales to $240 billion and to sell 14 million cars a year by 2022. Compared to the other goals in the "Alliance 2022" strategy, deploying a fully autonomous vehicle by 2022, one without a human driver being necessary, seems a bit overly ambitious.
In order to achieve the targets, the main strategy will be for the three companies to use four common platforms - the basic structure of a vehicle.
As part of the plan, the companies will increase their use of common platforms.
With the addition of Mitsubishi, the Renault Nissan Alliance is now at the same scale as the three traditional global industry leaders: General Motors, Toyota, and Volkswagen Group, each of which builds roughly 10 million cars a year.
Carlos Ghosn has always been careful to say that the success of the Renault-Nissan alliance should be measured in synergies among the partners, not sales growth. However, it did specify that it will launch four shared platforms with the aim of producing over 9 million vehicles on them.
The group's plan also includes introducing 40 vehicles with varying levels of autonomy.
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.
Mitsubishi Motors will gain access to the CMF architecture and utilize common powertrains by 2020.
The alliance sold more cars than any other manufacturer in the first half of 2017 and is looking to ride on its growing reach by expanding electric vehicles into the mass market.
"We are assuming that most of the mature markets will be stable", he said about the United States, Europe and Japan.
"Electrified cars will represent more than 30 percent of the alliance's sales" by 2022, Ghosn said.
Nissan said its EVs would boast more than 600km of range by 2022, based on NEDC homologation methodology.